DETROIT ( TheStreet) -- Ford's (F - Get Report) earnings and sales beat Wall Street estimates and reiterated that 2014 margins will decline as it introduces new products led by the 2015 F-150 pickup truck. Ford was gaining 0.4% to $15.77 in morning trading.
Net income excluding special items was $1.3 billion, or 31 cents a share. Analysts surveyed by Thomson Reuters had estimated 28 cents. Revenue rose 3.5% to $37.6 billion. Analysts had estimated $35 billion.
With items including pretax special charges of $311 million and favorable tax special items of $2.1 billion, net income was $3 billion, or 74 cents a share.
"We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all," said CEO Alan Mulally, in a prepared statement. "We are well positioned for another solid year in 2014."During the quarter, automotive operating-related cash flow was $500 million. The company said its outlook for 2014 is unchanged, with pretax profit between $7 billion and $8 billion. Automotive operating margin is expected to be lower, with automotive operating-related cash flow to be positive but substantially lower than in 2013 Ford said it will profit-sharing payments of approximately $8,800 to about 47,000 eligibly hourly employees. It said pension plans were underfunded by $9 billion at year-end 2013, an improvement of about $10 billion from a year earlier. Pension contributions in 2013 total $5 billion in cash, with cash contributions of $1.5 billion expected in 2014 due to improved funding levels. For the full year, Ford reported pretax profit of $8.6 billion, up from $8 billion a year earlier, marking one of Ford's best years ever. Including items, full-year net income was $7.2 billion. Ford reported full-year market share growth in the U.S., South America and Asia Pacific Africa. Written by Ted Reed in Charlotte, N.C.
To contact this writer, click here.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts