Ford Motor Company today reported 2010 full year net income of $6.6 billion, or $1.66 per share – an increase of $3.8 billion or 80 cents per share, from 2009. 2010 was the biggest profit the Dearborn automaker earned in a decade, however, a disappointing 4th quarter sent the company’s stock price lower. Ford’s shares fell 12 percent to $16.63 in late morning trade after missing analysts’ expectations.
“Our 2010 results exceeded our expectations, accelerating our transition from fixing the business fundamentals to delivering profitable growth for all,” said Alan Mulally, Ford president and CEO. “We are investing in an unprecedented amount of products, technology and growth in all regions of the world.”
Ford reported fourth quarter net income of $190 million, or 5 cents per share, a decrease of $696 million, or 20 cents per share, from the fourth quarter of 2009.
Click through for fourth quarter and full year 2010 highlights.
FOURTH QUARTER AND FULL YEAR 2010 HIGHLIGHTS
- Announced $850 million in future investments for Michigan-based engineering and manufacturing, leading to 1,200 jobs through 2013
- Announced $600 million investment in Louisville Assembly and additional 1,800 jobs
- Announced $630 million investment in Kocaeli, Turkey, for future Transit production
- Launched 2011 F-150 lineup with completely new fuel-efficient engines
- Unveiled all-new global Ford Ranger at the Australian International Motor Show
- 2011 Explorer awarded North American Truck of the Year at the North American International Auto Show
- New Figo won Society of India Auto Manufacturers’ 2011 Indian Car of the Year
- The redesigned Explorer and new Fiesta earned IIHS Top Safety Picks in the U.S.; C-MAX and Grand C-MAX earned Euro NCAP five-star safety ratings
- Increased U.S. sales 15 percent in the fourth quarter. For the full year, Ford had the first back-to-back market share increase since 1993, and the largest sales percentage increase of any full-line automaker
- Ford of Canada reported an 11 percent sales increase in the fourth quarter, leading Ford of Canada to finish 2010 as best-selling automaker for the first time in more than 50 years
- Ford Brazil sales increased 24 percent in the fourth quarter, leading to a market share gain of three-tenths of a point
- European market share fell in the fourth quarter and full year as a result of Ford’s decision to reduce participation selectively in low-margin business, as well as the end of the favorable effect of scrappage programs on its small car sales
- Sales increased 35 percent in Asia Pacific and Africa in the fourth quarter. In 2010, the region reported record full year sales in China and India, with 32 and 168 percent increases respectively.
– By: Omar Rana