Ford Motor Company (NYSE:F) reported a profit of $13.62 billion, or $3.40 per share in the fourth quarter, representing the eleventh straight quarter of profitability. Revenue increased by six percent to $34.6 billion. A year earlier, the company earned $190 million, or 5 cents per share. The profit, however was largely attributable to an accounting change that moved $15.7 billion worth of tax credits and assets back on the books that were removed in 2006 when the company was not profitable and could not take advantage of them. Without the accounting change, the company earned 20 cents per share, short of of estimates of 25 cents.
Shares are lower in early trading.
Procter & Gamble (NYSE:PG) announced that it earned $1.10 per share in its fourth-quarter on earnings of $1.69 per share, or 57 cents per share, on revenue of $22.1 billion. Analysts had expected earnings of $1.08 per share and revenue of $22.19 billion. In the same period last year, the company earned $1.11 per share on revenue of $21.3 billion.
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