In Dearborn story headlined "CORRECTED-UPDATE 1-Ford posts 4th qtr loss on restructuring" please read in first paragraph ... improved auto and finance unit results ... instead of ... improved auto and financial profits. (Corrects reference to profits since automotive operations posted a quarterly loss)
A corrected version follows.
(Adds details, background)
DEARBORN, Mich., Jan 22 (Reuters) - Ford Motor Co. on Thursday reported a larger net loss for the fourth quarter, as the costs of job cuts in Europe and a restructuring of its deal with former parts arm Visteon Corp. offset improved auto and finance unit results.
But Ford reported a net profit for the year for the first time since 2000, and operating earnings for the year and the quarter topped Ford's own estimates.
Ford said it lost $793 million, or 43 cents a share, in the quarter, compared with a net loss of $130 million, or 7 cents a share, in the same period a year ago. Excluding some $2 billion in charges from Europe and Visteon, Ford said it earned 31 cents a share, compared with earnings of 11 cents a share in the fourth quarter of 2002.
For all of 2003, Ford said its net earnings totaled $495 million, or 27 cents a share. Excluding special items, Ford said it earned $1.14 per share.
Both the fourth quarter and full-year operating results were higher than Ford's previous guidance to Wall Street of full-year earnings of $1.05 to $1.10 per share.
Ford, which may have been passed by Toyota Motor Corp. as the world's second-largest automaker in 2003, said full-year revenues increased about 1 percent to $164.2 billion, even as vehicle sales fell about 4 percent to 6.7 million.
Ford's automotive unit had a pre-tax loss of $4 million in the fourth quarter, versus a $240 million pre-tax loss a year ago. Financing arm Ford Credit reported net income of $470 million, a 33 percent increase from the same period a year ago.
Ford forecast first-quarter earnings of 40 cents to 45 cents a share, excluding special charges, and it maintained its previous outlook for earnings of $1.20 to $1.30 per share for all of 2004. Analysts on average were expecting 34 cents a share in the first quarter, according to Reuters Research, a division of Reuters Group Plc.