Ford sees Q4 profits shrink 79%

Dearborn, Michigan: Ford Motor Co, the second-largest US carmaker, said fourth-quarter profit fell 79% as its European operations reported an unexpected loss.

Net income dropped to $190 million (€139m), or 5 cents a share, from $886m, or 25 cents, a year earlier, Ford said.

Profit excluding some items was 30 cents a share, trailing the 48-cent average estimate of 14 analysts surveyed by Bloomberg.

Ford’s European operations reported a $51m loss, missing the company’s expectations, because of lower market share and higher costs. Ford reported a $253m profit from the region a year earlier.

Ford’s European sales in December dropped 23% as other manufacturers offered rebates to lure buyers.