Today, January 29th, Ford announced its net income reached $5.67 billion in 2012, with almost $300 million less compared with 2011.
The automaker’s fourth consecutive annual profit was sustained by a strong fourth quarter, mainly due to the North American market where Ford posted a pre-tax profit of $1.87 billion. Analysts have predicted that Ford will report an earnings-per-share of 25 cents, but the automaker managed to reach 31 cents per share, as well as full-year earnings per share of $1.41, surpassing analysts’ predictions of $1.34.
“The Ford team delivered strong results once again, underscoring that our One Ford plan is working,” said Alan Mulally, Ford’s president and CEO, in a statement. “We are well-positioned for another strong year in 2013.”
Last year Ford posted a 10.4% profit margin in North America, therefore 45,800 United Auto Workers hourly workers will get profit-sharing checks of about $8,300 to be paid in March. Still, in Europe, losses continued to increase, reaching $1.75 billion in 2012 and the automaker expects other $2 billion to be lost in the region this year. Ford hopes that the 6,200 layoffs and buyouts in the European market will help the company cut these losses.