FORD is in bullish mood for 2001 sales after it revealed last year's results which included a $1 billion restructuring charge on its European operations, partly related to the closure of car-making at Dagenham. Ford Motor Company earned $6.7 billion (£4.6 billion) last year on sales of $170 billion (£117 billion), up 6% year-on-year, but after taking account of one-off items including the hit on European revenues the company earned $5.4 billion (£3.7 billion).

Fourth quarter earnings were well below a year ago at $1.2 billion (£827 million) compared with £1. 8 billion (£1.24 billion) largely due to weaker business in the United States of America. A year ago, in Europe Ford reported an operating profit of $10 million (£6.8 million) on revenues of $29.3 billion (£20.2 billion). However, this year it reported losses of $1.13 billion (£779 million) on revenues of $28.7 billion (£19.7 billion). On an operating basis, Europe had a loss of $35 billion (£24.1 million).

Fourth quarter results in Europe saw a profit of $33 million (£22.7 million) on revenues of $7.3 billion (£5 billion) reflecting continued cost reductions, according to the company. The 1999 fourth quarter saw a loss of $30 million (£20.6 billion) on revenues of $8.5 billion (£5.8 billion). Ford Credit reported earnings up 22% to $1.54 billion (£1.06 billion), while Hertz had record income of $358 £246 million).