Ford Motor Company (NYSE:F) reported better than expected fourth quarter earnings results this morning, sending shares up as much as 3% in premarket trading. The company reported profits of $3.04 billion or 74 cents per share.
“We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all,” said Ford president and CEO Alan Mulally in a statement. “We are well positioned for another solid year in 2014, as we continue our plan to serve customers in all markets around the world with a full family of vehicles—small, medium and large; cars, utilities and trucks—with the very best quality, fuel efficiency, safety smart design and value.”
Examining Ford’s latest results
That’s compared to $1.6 billion or 40 cents per share in the same quarter a year ago. Adjusted earnings per share were flat at 31 cents per share. Revenue increased to $37.6 billion from $36.3 billion in the same quarter a year ago. Ford Motor Company (NYSE:F) reported net income of $1.27 billion for the December quarter and full-year profits of $7.2 billion. The automaker said its 2013 results were some of the best in its history and that 2013 marked their highest automotive pretax profits in over 10 years.
Analysts had been expecting the automaker to report earnings of 28 cents per share on $34.96 billion in revenue. Barclays analyst Brian Johnson said reception for Ford Motor Company (NYSE:F)’s revamped F-150 truck has been “impressive” so far. The automaker shifted to an aluminum body to remove 700 pounds of weight from the pickup truck.
Ford Motor Company (NYSE:F) reported a $2.1 billion positive impact from adding deferred tax assets to its balance sheet, plus charges of $311 million for pension buyouts and layoffs in Europe last year.
Ford guides for 2014
Ford Motor Company (NYSE:F) also left the 2014 outlook it provided previously unchanged. It expects to see another solid year with pretax profits of between $7 billion and $8 billion for the full year. The automaker said because of this year’s performance, it will make record profit-sharing payments to about 47,000 eligible hourly employees in the U.S.