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Ford reports $3B profit in Q4, $6.9B for the year

Good news out of Dearborn today, as Ford announced $3 billion in profit for the last quarter of 2013, a 90-percent increase over the same period of 2012. Net income for all of last year, meanwhile, jumped to $7.2 billion from $5.7 billion in 2012, while pre-tax profits sat at a decade-topping $6.9 billion for all of 2013.
The results of the substantial profit increases are bigger profit-sharing checks for UAW employees. How big? A record $8,800 on average for 47,000 UAW workers, making 2013 the biggest year for profit sharing in Ford history. In total, $414 million will be paid as part of the profit-sharing scheme.
Now, it should be pointed out that a fair portion of Ford's Q4 profits were due to tax benefits, totaling $2.1 billion, according to Automotive News. Total profits would have also been higher, had there not been a significant recall on the Escape, as well as plant issues in South America.

Submit your questions for Autoblog Podcast #317 LIVE!

We record Autoblog Podcast #317 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
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Ford recalls 600,000 older-model sedans for braking issue

Ford is recalling 600,166 older-model Ford, Lincoln and Mercury vehicles over an issue that could affect braking and increase the risk of a crash. The safety recall covers certain Ford Fusion, Mercury Milan and Lincoln MKZ sedans from the 2006 through 2010 model years that were built at Ford’s Hermosillo Assembly Plant in Mexico between Feb. 22, 2006, and July 15, 2009. Ford says a valve that is normally closed inside the hydraulic control unit may get stuck in the open position or be slow to close, which could make it harder to engage the brakes and increase risk of a crash. Ford says itÂ’s aware of 15 reports of accidents and two injuries possibly related to the issue. Dealers will inspect the hydraulic control unit for signs of the problem and replace it, if necessary. The dealers will pressure-flush the system with brake fluid and replace the reservoir cap with a new one. Ford is also issuing a small recall of 33 of its 2020 F-150 trucks in the U.S. and 51 in Canada over potentially damaged spare tires. It says the bead area on the tires may have been damaged when it was mounted onto the wheel assembly, leaving it vulnerable to corrosion, separation of the bead wire and ultimately a rapid loss of air pressure and detachment from the wheel. Dealers will replace the spare tire. Affected vehicles were built at the Dearborn Truck Plant from Nov. 10-21 of this year.