Ford: Venezuela woes dent income

Published Jan 30, 2015

Share

FORD’S net income tumbled to $52 million (R601m) in the fourth quarter because of trouble at its Venezuelan operations. Ford’s earnings, of 1 cent per share, compared with earnings of 75c a share in the fourth quarter a year ago. Without one-time items, including the Venezuela charge and separation payments in Europe, Ford earned $1.1 billion in the quarter, down 15 percent from a year ago. Pretax earnings of 26c per share beat Wall Street’s forecast of 22c per share, according to FactSet. Fourth-quarter revenue fell 4.5 percent to $35.9bn. For the full year, Ford earnings fell 56 percent to $3.2bn, or 80c per share. Ford had repeatedly warned that its profits would be down in 2014 as it introduced 24 new vehicles. – Sapa-AP

Related Topics: