Despite a tough fourth quarter, 2011 proved to be a good year for Ford. The American automaker posted operating profits of $8.8 billion (or $1.51 a share) for the year, making it the third consecutive year that the once struggling company has been in the black. The $8.8 billion was an increase of $463 million over 2010′s earnings.
“We delivered strong results for the full year as we continued to serve our customers around the world with best-in-class vehicles and make progress toward our mid-decade goals,” said Alan Mulally, Ford president and CEO. “Despite the continued uncertainty in the external environment, the strength of our North American and Ford Credit operations allows us to continue to invest for future growth and develop outstanding products with segment-leading quality, fuel efficiency, safety, smart design and value.”
Ford’s net income, including a one-time special item, for the full year amounted to $20.2 billion, its highest since 1998. Most of the earnings came from the automaker’s North American operations. In contrast, both its European and Asia Pacific/Africa operations reported pre-tax operating losses.