Ford today reported a fourth-quarter profit surge, boosted by strong North America sales and a huge special tax item.
Ford Motor Company said earnings in the final quarter rose to $13.6 billion, an increase of $13.4 billion from the same time last year, mostly due to special items.
The increase was fueled by $12.4 billion for a tax adjustment and $401m from the sale of Ford's Russian operations to the newly created FordSollers joint venture, the company said.
Fourth-quarter earnings were $3.40 per share for the number two US car. For all of 2011, net income was $20.2 billion, compared with $6.6 billion the previous year.
Adjusted earnings per share of $1.66 for the full year were well below market expectations of $1.84. But 2011 revenue topped expectations at $136.3 billion, up a whopping 13% from 2011.
"Despite the continued uncertainty in the external environment, the strength of our North American and Ford Credit operations allows us to continue to invest for future growth and develop outstanding products with segment-leading quality, fuel efficiency, safety, smart design and value," Ford president and chief executive Alan Mulally said.
Ford was the only major US car maker that did not seek a government bail-out during the 2008-2009 financial crisis.
