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.
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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.
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By GlobalDataEuropean 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?
