Ford has announced record-setting profits for the 2015 calendar year. Last year also saw Ford return to profitability in Europe for the first time in five years.
Ford announced that it posted a record-setting full-year pre-tax profit of $10.8 billion in 2015, netting a full-year net income of $7.4 billion. In comparison, Ford posted a full-year net income of $1.3 billion in 2014.
Ford’s positive 2015 results were driven largely by the North American market, where the automaker pulled in $9.3 billion in pre-tax profits. South America was a different story, however, with the region posting an $832 million loss.
Ford’s European division finally returned to profitability in 2015, posting a pre-tax profit of $259 million. The last time Ford of Europe was profitable was in 2011.
Ford’s European sales were up 10 percent in 2015. The marque also ended 2015 as Europe’s best-selling commercial vehicle brand.
“We promised a breakthrough year in 2015, and we delivered,” said Ford CEO Mark Fields. “In 2016, we will continue to build on our strengths and accelerate our pace of progress even further, while transforming Ford into both an auto and a mobility company and creating value for all of our stakeholders.”
As a result of the strong year, Ford’s hourly workers are set to receive a bonus averaging $9,300.
For a little more perspective on what happens when automakers have huge profits, you can read my commentary: Opinion: Automakers Repeating Mistakes Of The Past