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Ford not deterred by disappointing quarter


Ford Motor Co.’s earnings rose to $6.6 billion in 2010 from $2.7 billion the prior year, the company’s best annual results in more than a decade, CNNMoney.com reported.

But the automaker’s fourth-quarter operating profit of $1.2 billion, or 30 cents a share, excluding special items, disappointed analysts surveyed by Thomson Reuters, who had forecast earnings of 48 cents per share.

A $51 million pre-tax loss in Ford’s European unit contributed to the disappointing fourth-quarter results. A year earlier, Ford posted a $253 million profit in Europe.

However, Ford’s quarterly sales of $32.5 billion exceeded forecasts of $30.4 billion, and the company was pleased with its full-year results.

“Our 2010 results exceeded our expectations, accelerating our transition from fixing the business fundamentals to delivering profitable growth for all,” said Alan Mulally, Ford’s CEO, in a press release.

Ford, which was the only U.S. automaker not to accept a federal bailout or to file for bankruptcy protection in 2009, recaptured its position as the No. 2 automaker in terms of U.S. sales last year.

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