Ford_News
01-28-2014, 06:58 PM
Filed under: Ford (http://www.autoblog.com/ford/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://o.aolcdn.com/hss/storage/adam/654e515e83c5362318506e93c460b71a/876ba2be3c3c4a1d90a4be9f6b7a0092-2.jpeg (http://www.mnfords.com/2014/01/28/ford-reports-increased-profits-2013/#continued)
Good news out of Dearborn today, as Ford (http://www.autoblog.com/ford/) announced $3 billion in profit for the last quarter of 2013, a 90-percent increase over the same period of 2012. Net income for all of last year, meanwhile, jumped to $7.2 billion from $5.7 billion in 2012, while pre-tax profits sat at a decade-topping $6.9 billion for all of 2013.
The results of the substantial profit increases are bigger profit-sharing checks for UAW (http://www.autoblog.com/tag/uaw/) employees. How big? A record $8,800 on average for 47,000 UAW workers, making 2013 the biggest year for profit sharing in Ford history. In total, $414 million will be paid as part of the profit-sharing scheme.
Now, it should be pointed out that a fair portion of Ford's Q4 profits were due to tax benefits, totaling $2.1 billion, according to Automotive News (http://www.autonews.com/article/20140128/OEM/140129779/ford-posts-3-billion-quarterly-profit-aided-by-tax-gains#axzz2rhREzWHM). Total profits would have also been higher, had there not been a significant recall on the Escape, as well as plant issues in South America.
Total vehicle sales, meanwhile, were up to 2,485,236 units in the US alone, representing an 11-percent increase. Not every region was as rosy as the US market, though. European losses still accounted for $1.6 billion in Q4 alone, although that number is eight percent lower than last year. There were also $126 million in losses in South America, down from 2012's $145 million profit. According to AN, this can be blamed on decreased output from factories in Brazil and Venezuela.
Still, the overall news out of Ford is good. And with a planned 23 launches in 2014 (http://www.autoblog.com/2013/12/13/ford-adding-5-thousand-jobs-3-plants-23-vehicles/), we'd expect the next few years to only get better for Ford. Scroll down (http://www.mnfords.com/2014/01/28/ford-reports-increased-profits-2013/#continued) for the (very) lengthy press release from Ford.Continue reading Ford reports $3B profit in Q4, $6.9B for the year (http://www.autoblog.com/2014/01/28/ford-reports-increased-profits-2013/)
Ford reports $3B profit in Q4, $6.9B for the year (http://www.autoblog.com/2014/01/28/ford-reports-increased-profits-2013/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 28 Jan 2014 18:00:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
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http://o.aolcdn.com/hss/storage/adam/654e515e83c5362318506e93c460b71a/876ba2be3c3c4a1d90a4be9f6b7a0092-2.jpeg (http://www.mnfords.com/2014/01/28/ford-reports-increased-profits-2013/#continued)
Good news out of Dearborn today, as Ford (http://www.autoblog.com/ford/) announced $3 billion in profit for the last quarter of 2013, a 90-percent increase over the same period of 2012. Net income for all of last year, meanwhile, jumped to $7.2 billion from $5.7 billion in 2012, while pre-tax profits sat at a decade-topping $6.9 billion for all of 2013.
The results of the substantial profit increases are bigger profit-sharing checks for UAW (http://www.autoblog.com/tag/uaw/) employees. How big? A record $8,800 on average for 47,000 UAW workers, making 2013 the biggest year for profit sharing in Ford history. In total, $414 million will be paid as part of the profit-sharing scheme.
Now, it should be pointed out that a fair portion of Ford's Q4 profits were due to tax benefits, totaling $2.1 billion, according to Automotive News (http://www.autonews.com/article/20140128/OEM/140129779/ford-posts-3-billion-quarterly-profit-aided-by-tax-gains#axzz2rhREzWHM). Total profits would have also been higher, had there not been a significant recall on the Escape, as well as plant issues in South America.
Total vehicle sales, meanwhile, were up to 2,485,236 units in the US alone, representing an 11-percent increase. Not every region was as rosy as the US market, though. European losses still accounted for $1.6 billion in Q4 alone, although that number is eight percent lower than last year. There were also $126 million in losses in South America, down from 2012's $145 million profit. According to AN, this can be blamed on decreased output from factories in Brazil and Venezuela.
Still, the overall news out of Ford is good. And with a planned 23 launches in 2014 (http://www.autoblog.com/2013/12/13/ford-adding-5-thousand-jobs-3-plants-23-vehicles/), we'd expect the next few years to only get better for Ford. Scroll down (http://www.mnfords.com/2014/01/28/ford-reports-increased-profits-2013/#continued) for the (very) lengthy press release from Ford.Continue reading Ford reports $3B profit in Q4, $6.9B for the year (http://www.autoblog.com/2014/01/28/ford-reports-increased-profits-2013/)
Ford reports $3B profit in Q4, $6.9B for the year (http://www.autoblog.com/2014/01/28/ford-reports-increased-profits-2013/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 28 Jan 2014 18:00:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
Permalink (http://www.autoblog.com/2014/01/28/ford-reports-increased-profits-2013/) | Email this (http://www.autoblog.com/forward/20817903/) | Comments (http://www.autoblog.com/2014/01/28/ford-reports-increased-profits-2013/#comments)
More... (http://www.autoblog.com/2014/01/28/ford-reports-increased-profits-2013/)