Ford posted a record profit in 2015. The company was helped along by rising US sales which offset years of losses in Europe.
The No. 2 US automaker earned a pre-tax profit for the year of $10.8 billion. The company’s net income was $7.4 billion. Fourth quarter earnings were nearly double results from the year prior.
Ford says it expects sales, profit margins, and earnings to all be equal or better than 2015 in the current year.
It was a stellar year for the auto industry, which recorded record sales.
Ford’s global sales rose 5% to 6.6 million vehicles worldwide. The aluminum F-150 pickup was a big success for the company as the F-series was again the best selling vehicle in the US market.
Ford had suffered losses in Europe for three years and closed three plans in Belgium and England in 2014. Those closures helped the automobile manufacturer post its first profit in the region since 2011.
A $295 million quarterly loss in Latin America more than offset the $131 million fourth quarter profit from European operations.
The company posted $1.9 billion net profit, or 47 cents a share, in the fourth quarter.
Excluding one-time items, Ford earned 58 cents a share in the fourth quarter, versus Wall Street expectations of 51 cents.