Dearborn, MI, United States (AHN) – The Ford Motor Company reported its third consecutive full-year profit on Friday, announcing its best annual earnings since 1998.
Although 2011 was the second most profitable year in the company’s 109-year history, much of that profit was a non-cash gain from a large tax credit from past losses. That tax credit on the company balance sheet will shield it from taxes in the future.
However, without that credit, the car maker posted full-year and quarterly earnings that were less than last year’s profit and also below analysts’ forecasts.
That report of the earnings miss caused share prices to fall by 5.6 percent in trading immediately after the markets opened.
Ford’s 2011 net income of $ 20.2 billion was up from $ 6.6 billion in 2010. About $ 12.4 billion of that came from the accounting gain.
Category: Manufacturing And Engineering
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