Ford Motor Co reported results above expectations on Thursday as the second-largest US carmaker benefited from stronger demand in Asia.
The Michigan-based company stated full-year pretax profit of $6.3 billion, above expectations but down compared to the $8.6 billion reported in 2013. Net income stood at $3.2 billion versus $7.1 billion a year earlier.
Ford has previously announced a decision to shift production in its North American facilities to its newer models, including the companys projected super star the F150 truck. The vehicle, featuring an aluminium block and head and 365 horsepower, is forecast to bring around 90% of future global profits.
During 2014 Ford released a record of 24 new models globally, including the F150 and a Super Duty truck, new versions of the Mustang, Fusion and Taurus. Ford also released several hybrids and its first full-production passenger electric vehicle.
Last year “was a solid yet challenging year for Ford,” said Chief Executive Officer Mark Fields. “The entire Ford team remains focused on our three priorities of accelerating our One Ford plan, delivering product excellence and driving innovation in every part of the business.”
The One Ford plan focuses on “aggressively restructuring to operate profitable” and “accelerating the development of new products”, while also “financing the plan and improving the balance sheet.”
The company made some management changes recently, it moved Jim Farley from executive vice president of global marketing and sales to president of the companys operations in Europe, the Middle East and Africa, outlining efforts to revive its European performance.
Meanwhile, operations in North America reported automotive pre-tax profit of $6.9 billion, followed by a record of $589 in Asia-Pacific. Middle East and African operations scored a loss of $20 million, while Europe and South America reported losses of $1.06 billion and $1.16 billion respectively.
Ford restated its expectations of pretax profit between $8.5 billion and $9.5 billion in 2015, while also projecting to release 15 new vehicles to the global markets, including an improved Focus and the F-650, F-750 medium-duty trucks.
Ford fell 2.63% on Wednesday and closed at $14.46 in New York. On Thursday the stock lost 0.62% to $14.37 at 15:57 GMT, marking a one-year decrease of 5.96%. The company is valued at 55.65 billion.
According to the Financial Times, the 16 analysts offering 12-month price targets for Ford have a median target of $16.00, with a high estimate of $22.00 and a low estimate of $13.00. The median estimate represents a 10.65% increase from the last close price.
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