UPDATE: Ford Q4 Profit Tops Estimates

reported better-than-expected earnings for the fourth quarter. The Dearborn, Michigan-based company posted quarterly net income of $52 million, or $0.01 per share, compared to $3.07 billion, in the year-ago period. Excluding one-time costs, the company earned $0.26 per share, beating analysts' estimates of $0.23 per share. The company's pretax operating profit, excluding special items, declined to $1.1 billion from $1.3 billion. Its revenue dropped 4.5% to $35.9 billion in the quarter, versus estimates of $34.54 billion. Pretax profit from North America declined to $1.55 billion from $1.8 billion, while the company's North American sales slipped by 44,000 units in the quarter. The company's losses in Europe narrowed to $443 million from $529 million, while South America's losses increased to $187 million from $126 million. Asia-Pacific profit declined to $95 million from $109 million in the quarter. Ford Motor Credit's profit surged to $408 million versus $355 million. “2014 was a solid yet challenging year for Ford — with our investments and a record number of new products launched around the world positioning us for strong growth this year and beyond,” said Mark Fields, Ford president and CEO. “The entire Ford team remains focused on our three priorities of accelerating our One Ford plan, delivering product excellence and driving innovation in every part of the business.” For 2015, the company maintained its pretax operating profit outlook of $8.5 billion to $9.5 billion. Ford shares rose 2.01% to $14.75 in pre-market trading.