Ford’s Sales, Quarterly Earnings Drop

Ford Motor Co.'s worldwide vehicle deliveries slipped 2% to 1.58 million units in the fourth quarter of 2014. Revenue declined 5% to $35.9 billion, and pretax profits fell 15% to $1.1 billion. But results were better than analysts expected.

Net income of $52 million for October-December compares with $3.1 billion in the last quarter of 2013. Results were hurt by $1.2 billion in special charges for restructuring and a previously announced $800 million accounting adjustment for operations in Venezuela.

For the full year, Ford's pretax income shrank 27% to $6.3 billion, and net income plunged to $3.2 billion from $7.2 billion in 2013. Worldwide vehicle deliveries were virtually flat at 6.32 million, and revenue declined 2% to $144 billion.

Wholesale deliveries in North America dropped 6% to 700,000 units in the fourth quarter and 5% to 2.84 million for the year. In South America, quarterly sales dipped 2% to 132,000, and full-year volume fell 14% to 463,000.

In Europe, Ford's vehicle deliveries climbed 5% to 323,000 units in the fourth quarter and 5% to 1.39 million for the full year. Fourth-quarter sales in Asia Pacific improved 2% to 381,000, helping to raise full-year results in the region 13% to 1.27 million units.

Ford predicts unspecified sales gains in 2015 in all regional markets except the Middle East/Africa, where it anticipates another loss. The company says fewer production interruptions and less spending on new product launches this year should boost pretax profit at least one-third to $8.5 billion-$9.5 billion.