Ford Motor Co.’s comeback slowed in the fourth quarter as a 21% decline in core automotive business drove down operating profits at a time when the overall U.S. auto industry was showing signs of renewed strength.
For the full year, the second largest of the Detroit automakers reported a pre-tax operating profit of $8.8 billion, an increase of $463 million from a year ago, as strong performances in North America and Ford Credit offset challenges in other parts of the world, the company said. This marks the company’s third year in a row of improving annual operating profits.
“We delivered strong results for the full year as we continued to serve our customers around the world with best-in-class vehicles and made progress toward our mid-decade goals,” said Alan Mulally, Ford president and CEO. “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,” he said.