Ford posts stronger-than-expected quarterly profit

DEARBORN, Mich Tue Jan 28, 2014 7:00am EST

DEARBORN, Mich Jan 28 (Reuters) - Ford Motor Co on Tuesday posted a stronger-than-expected quarterly profit as higher earnings in the No. 2 U.S. automaker's core North American market offset losses in Europe and South America.

Net income in the fourth quarter rose to $3 billion, or 74 cents a share, compared with almost $1.6 billion, or 40 cents a share, a year earlier.

The results included a $2.1 billion gain from the addition of deferred tax assets to the balance sheet, as well as charges of $311 million for last year's pension buyouts and layoffs in Europe.

Excluding one-time items, Ford earned 31 cents a share, 3 cents more than analysts polled by Thomson Reuters I/B/E/S had expected.

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