Ford's Fourth-Quarter Operating Income Soars on Europe Turnaround, SUV Sales
Ford Motor Company (NYSE: F) said that its operating income rose to $1.7 billion in the fourth quarter, from $485 million a year ago, on strong improvements in its European business and despite a shortage of pickup trucks in the United States.
On an adjusted basis, excluding some large one-time charges, Ford earned $0.34 per share on automotive revenue of $33.2 billion. That was a better profit than Wall Street had expected: On average, analysts polled by Thomson Reuters had forecast an adjusted loss of $0.07 per share, on automotive revenue of $33.84 billion.
Results from all of Ford's regional business units improved year over year, as did profits from its financial-services subsidiary. Of note, Ford Europe generated an operating profit of $414 million, up from just $21 million in the fourth quarter of 2019. But Ford's net loss widened to $2.8 billion from $1.7 billion a year ago, due to accounting charges related to its pension funds and the costs of a restructuring in Brazil.
Source Fool.com
