Ford Records $8.6B in Pre-Tax Profit, Highest in More than a Decade

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tFord Motor Co. announced today it recorded a pre-tax profit of $8.6 billion in 2013, up $603 million from the year before. Looking forward, the automaker’s outlook for 2014 is unchanged. Ford officials expect this year’s pre-tax profit to range from $7 billion to $8 billion.

t“The company had an outstanding year, earning a profit that was higher than last year's strong performance and one of our best years ever,” says Bob Shanks, executive vice president and CFO. “Our results were driven by record profits in North America and Asia Pacific Africa, improved results in Europe, and another solid year from Ford Credit.”

tAccording to Ford’s report, last year’s pre-tax profit was the highest the company had experienced in more than a decade. Beyond its most profitable markets, the company nearly broke even in South America with a pre-tax loss of $34 million and experienced a loss of $1.6 billion in Europe — an improvement from the year before.

tFull year volume and revenue were higher than a year ago by 12 percent and 10 percent, respectively.

t“We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all,” says Alan Mulally, president and CEO of Ford. “We are well positioned for another solid year in 2014, as we continue our plan to serve customers in all markets around the world with a full family of vehicles.”

tIn related news, Ford Motor Credit Co. reported a pre-tax profit of $1.8 billion in 2013, compared with $1.7 billion a year earlier. Company officials attribute the gain to higher volume, primarily in North America.

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