DEARBORN (dpa-AFX) - Automaker Ford Motor Co. (F) on Thursday reported a swing to profit for the fourth quarter, reflecting increase in revenues and absence of charge related to pension plans. However, adjusted earnings for the quarter missed analysts' estimates.
Fourth-quarter net income attributable to Ford was $2.41 billion or $0.60, compared with net loss of $783 million or $0.20 per share in the prior-year period.
The last year's results were impacted by special items totaling $0.50 per share, including year-end pension and OPEB remeasurement loss.
Excluding items, adjusted earnings for the quarter were $0.39 per share. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter rose 7 percent to $41.3 billion from $38.7 billion in the same period last year. Analysts expected revenue of $36.99 billion for the quarter.
'Our balance sheet remains strong and we are focused on improving the company's fitness to strengthen future results,' said Ford CFO Bob Shanks. 'We remain committed to providing value to our shareholders including expected distributions totaling about $3.1 billion in 2018.'
Automotive segment pre-tax profit was $1.4 billion, down $0.6 billion from $2.0 billion reported in the year-ago period.
In North America, Ford's pre-tax profit of $1.6 billion was lower than $1.9 billion in the year-ago period, driven by Expedition and Navigator launch effects and higher commodity and warranty cost.
Looking ahead to fiscal 2018, Ford expects adjusted earnings of $1.45 to $1.70 per share. Analysts currently estimates earnings of $1.62 per share for the year.
F closed Wednesday's trading at $12.05, up $0.09 or 0.75%, on the NYSE. The stock, however, fell $0.14 or 1.16% in the after-hours trading.
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