Ford fourth quarter earnings fall

FORD'S net income tumbled in the fourth quarter as the company took an expected charge to deal with currency devaluation at its Venezuelan operations.

BUT without that loss and other one-time items, Ford came out ahead of Wall Street's expectations for the fourth quarter and the full year.

Its shares rose in premarket trading on Thursday.Ford's net income fell to $US52 million ($A65.62 million) in the fourth quarter, largely due to an $US800 million charge because of Venezuelan currency controls. Ford announced last week that it would remove its Venezuelan operations from its financial reporting in future quarters.Ford's earnings of a penny per share compared to earnings of 75 cents per share in the fourth quarter a year ago.Without onUS1.1 billion in the quarter, down 15 per cent from a year ago.Pretax earnings of 26 cents per share beat Wall Street's forecast of 22 cents per share, according to FactSet.Fourth-quarter revenue fell 4.5 per cent to $US35.9 billion, also beating analysts' expectations.For the full year, Ford earnings fell 56 per cent to $US3.2 billion, or 80 cents per share. On a pretax basis, the company earned $US6.3 billion, down from a near-record of $US8.6 billion a year ago.Worldwide sales fell slightly to 6.3 million cars and trucks.Dearborn, Michigan-based Ford had repeatedly warned that its profits would be down in 2014. Last autumn, the company cut its full-year pretax earnings forecast to $US6 billion from $US7 billion to $US8 billion.Ford spent heavily to introduce a record 24 vehicles worldwide, including a redesigned Mustang and the new aluminium-bodied F-150 pickup truck.Ford is spending more than $US1 billion to retrofit its two US plants to make the new truck; while shipments have already begun, the Dearborn and Kansas City plants that make the lucrative trucks won't be fully operational until the second quarter of this year.Ford struggled with higher warranty costs, including a $US500 million charge for the recall of 850,000 vehicles with defective air bags. The company is also rapidly expanding in Asia, where it's building five plants and launching the Lincoln brand.Ford shares rose 34 cents, or 2.4 per cent, to $US14.80 in premarket trading ahead of the market open.

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