DEARBORN, MICH.: Ford enjoyed one of the best years in its history in 2013, but the celebration won’t last long.
Ford has already warned that profits will be down this year as it launches a record 23 vehicles and builds seven plants around the world. It’s anticipating 13 weeks of down time — up from five in 2013 — at its two U.S. pickup truck plants to prepare for the launch of a new aluminum-clad F-150. And instability in South America and price competition in the U.S. are constant threats.
“This is sort of a preparation year, as we consolidate the gains of the past and prepare for even stronger growth in the future,” Ford’s Chief Financial Officer Bob Shanks told reporters Tuesday.
In 2013, though, Ford, led by Executive Chairman Bill Ford, powered to a full-year profit of $7.2 billion, or $1.76 per share. On a pretax basis, Ford made $8.56 billion, its second-highest pretax profit in a decade after the $8.8 billion it earned in 2011.
Full-year revenue rose 10 percent to $146.9 billion.
Ford was the only major automaker to see a double-digit U.S. sales gain, at 11.7 percent.
Because of Ford’s strong North American performance, its 47,000 U.S. hourly workers will get about $8,800 each in profit sharing payments on March 13, up from $8,300 in 2012, the company said. That’s a record amount.