Ford Motor Co. yesterday reported a larger net loss for the fourth quarter, as the costs of job cuts in Europe and a restructuring of its deal with former parts arm Visteon Corp. offset improved auto and financial profits.
But Ford reported a net profit for the year for the first time since 2000, and operating earnings for the year and the quarter topped Ford's own estimates.
Ford said it lost $793 million, or 43 cents a share, in the quarter, compared with a net loss of $130 million, or seven cents a share, in the same period a year ago. Excluding some $2 billion in charges from Europe and Visteon, Ford said it earned 31 cents a share, compared with earnings of 11 cents a share in the fourth quarter of 2002.
For all of 2003, Ford said its net earnings totalled $495 million, or 27 cents a share. Excluding special items, Ford said it earned $1.14 per share.
Both the fourth quarter and full-year operating results were higher than Ford's previous guidance to Wall Street of full-year earnings of $1.05 to $1.10 per share.
Ford, which may have been passed by Toyota Motor Corp. as the world's second-largest automaker in 2003, said full-year revenues increased about one per cent to $164.2 billion, even as vehicle sales fell about four per cent to 6.7 million.
Ford's automotive unit had a pre-tax loss of $4 million in the fourth quarter, versus a $240 million pre-tax loss a year ago. Financing arm Ford Credit reported net income of $470 million, a 33 per cent increase from the same period a year ago.
Ford forecast first-quarter earnings of 40 cents to 45 cents a share, excluding special charges, and it maintained its previous outlook for earnings of $1.20 to $1.30 per share for all of 2004.