Ford reports highest full year pre-tax profit in 10 years, big profit-sharing payments for employees
10:24 AM, Jan 28, 2014
DEARBORN, Mich. (WXYZ) - 2013 turned out to be one of Ford Motor Company's best years on record.
On Tuesday, the auto manufacturer disclosed that it generated a pre-tax profit of $8.6 billion last year, the highest in more than a decade.
The number is an increase of $603 million from 2012. Meanwhile, full year earnings were up 21 cents to $1.62 per share.
Such a record-breaking year is attributed to Ford's performance. The company's fourth quarter was its 15th consecutive quarter of positive performance.
"We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all," said Alan Mulally, Ford president and CEO, in a press release. "We are well positioned for another solid year in 2014...".
As a result of Ford's 2013 finances annual performance, the company plans profit-sharing payments to approximately 47,000 eligible U.S. hourly employees on March 13. As part of the UAW-Ford collective bargaining agreement, Ford North America pre-tax profits of $8.8 billion will generate profit-sharing payments of approximately $8,800 per eligible employee on a full year basis. Individual profit sharing payments may be higher or lower based on employee compensated hours.