Ford’s operating and net income for 2014 plunged by US$3.2bn and $4bn respectively year on year after losses in Latin America and the non-repeat of a tax refund.
The automaker reported a 2014 full year pre-tax profit of US$6.3bn while net income was $3.2bn, or 80 cents per share, including the non-repeat of a favorable fourth quarter $2.1bn tax special item in 2013.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Wholesale volume was about par with 2013 while revenue declined 2%.
Fourth quarter pre-tax profit fell $197m to $1.1bn but this was nonetheless the company’s 22nd consecutive quarter of profit.
Pre-tax special item charges of $1.2bn were primarily for the recently announced accounting change for Venezuela operations, as well as ongoing restructuring in Europe and Asia Pacific.
Q4 net income was down $3bn to $52m or one cent per share.
European revenue rose $2.2bn to $29.5bn as vehicle volume rose 70,000 units to 1,387,000 and the net loss reduced by $380m to $1.062bn compared with 2013.
“2014 was a solid yet challenging year for Ford – with our investments and a record number of new products launched around the world positioning us for strong growth this year and beyond,” said Ford president and CEO Mark Fields.
See also: ANALYSIS: Ford: Time to rev up profits in 2015?
