New York Times

DEARBORN, Mich. -- The Ford Motor Co. reported its third-consecutive full-year profit on Friday and the largest in 13 years, as strong sales in North America overshadowed higher commodity costs and losses in other parts of the world.

Ford made an accounting adjustment in the fourth quarter worth $12.4 billion that increased its 2011 earnings to $20.2 billion, the second-highest total ever for the carmaker.

The one-time gain, which eliminates most of a tax allowance created when the company was bleeding billions of dollars in 2006, indicates that Ford expects to continue earning substantial profits in the coming years, according to Ford’s chief financial officer, Lewis W. K. Booth.

The company earned an operating profit of $6.2 billion for the year in North America but lost a total of $119 million in its Europe and Asia-Pacific regions. Its fourth-quarter operating profit fell slightly.

“We delivered strong results for the full year as we continued to serve our customers around the world with best-in-class vehicles and make progress toward our mid-decade goals,” Ford’s chief executive, Alan R. Mulally, said in a statement. “Despite the continued uncertainty in the external environment, the strength of our North American and Ford Credit operations allow us to continue to invest for future growth.”

The overall profit was equal to $4.94 a share, up from $1.56 a share a year earlier, when Ford earned $6.6 billion.

Excluding the accounting change and other special items, Ford earned an operating profit of $8.8 billion for the year, or $1.51 a share, 6 percent more than its 2010 operating profit of $8.3 billion, or $1.91 a share.

Revenue increased 13 percent to $136.3 billion, but profit margins declined to 5.4 percent, from 6.1 percent in 2010.

The North American results mean 41,600 hourly workers in the United States will receive $6,200 in profit-sharing bonuses for 2011. Those workers already received a $3,750 advance on that amount after signing a new four-year labor agreement last fall and will receive the remaining $2,450 in March.

In the fourth quarter, Ford reported an operating profit of $1.1 billion, or 20 cents a share, down from $1.3 billion, or 30 cents a share, a year ago. Analysts were expecting earnings of 25 cents a share. Including the accounting gain, Ford had net income of $13.6 billion, the most ever for a fourth quarter.

Fourth-quarter revenue rose 6 percent to $34.6 billion.

Ford ended 2011 with $13.1 billion in automotive debt, $400 million more than at the end of the third quarter but $6 billion less than it had a year earlier.