Ford 4Q profit drops 90%, company says more cost cuts coming

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Ford says its fourth-quarter net income fell 90% from a year earlier. That led company officials to say Thursday that the automaker’s costs are too high and to pledge more belt-tightening this year. CEO Jim Farley said in a statement that Ford should have done better last year, and it left $2 billion in profits on the table. He said Ford will correct that with improved execution this year. Chief Financial Officer John Lawler told reporters the global shortage of computer chips and other parts hit Ford hard at the end of last year, costing it production of roughly 100,000 vehicles. He would not rule out further white-collar layoffs. Ford said it made $1.26 billion from October through December.