DEARBORN, Mich. (AP) — Ford Motor Co.’s net income jumped to $7.4 billion last year as its U.S. sales reached their highest level in a decade.
The profit, of $1.84 per share, of was six times higher than Ford’s results the previous year and beat Wall Street’s forecast. Analysts polled by FactSet were expecting full-year earnings of $1.73 per share.
Ford’s revenue rose 4 percent to $149.6 billion for the year, also beating forecasts.
Global sales rose 5 percent to 6.6 million for the year.
North America drove Ford’s results, with a pretax profit of $9.3 billion. But Ford also achieved a record pretax profit of $765 million in its Asia Pacific region and returned to profitability in Europe for the first time since 2011.
Fourth-quarter net profit more than doubled to $1.9 billion.