For Ford, Three Years of Profit in a Row

By NICK BUNKLEY
NYT

DEARBORN, Mich. — The Ford Motor Company reported its third consecutive full-year profit on Friday and its largest in 13 years, ensuring its hourly workers one of the biggest profit-sharing bonuses in the company’s history.

Ford said strong sales in North America overshadowed higher commodity costs and losses in other parts of the world. The North American results mean 41,600 hourly workers in the United States will receive $6,200 in profit-sharing bonuses for 2011, up from $5,000 the year before.

Ford made an unusual accounting adjustment in the fourth quarter worth $12.4 billion that increased its 2011 earnings to $20.2 billion, the second-highest total ever for the carmaker. But excluding that one-time gain, Ford’s fourth-quarter operating profit declined.

The accounting change eliminated most of a tax allowance created when the company was bleeding billions of dollars in 2006 and saw little likelihood of making a profit in the coming years. By making the adjustment, Ford is now signaling that it expects to continue earning substantial profits.

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