Ford Motors 2010 net profit hits a 10-year high of 6.6 billion

Ford Motors today reported full year net income of $6.6 billion, or $1.66 per share for 2010 - the highest since 2000. The 2010 profit also marks a $3.8 billion increase from the year-ago figure.

Pre-tax operating profit stood at $8.3 billion against nil in the previous year.

Fourth quarter net income stood at $190 million, or 5 cents per share, a decrease of $696 million from the year ago quarter. Ford now has posted a pre-tax operating profit for six consecutive quarters.

Ford said its net income was negatively impacted by a previously disclosed $960 million charge for completion of debt conversion offers in the quarter that reduced outstanding automotive debt by over $1.9 billion.

Fourth quarter pre-tax operating profit was $1.3 billion, or 30 cents per share, a decrease of $322 million from a year ago.

Automotive pre-tax operating profit was $741 million for the fourth quarter and $5.3 billion for the full year, an improvement of $7.2 billion from full year 2009.