Ford Motor Co. (NYSE: F) reported fourth-quarter and full-year results before markets opened this morning. For the quarter, the automaker posted adjusted diluted earnings per share (EPS) of $0.40 on revenues of $36.5 billion. In the same period a year ago, the company reported EPS of $3.40 on revenues of $34.6 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.25 and $32.94 billion in revenues.

For the full year, Ford posted adjusted EPS of $1.42 on revenues of $134.3 billion, compared with EPS of $4.94 on revenues of $136.3 billion in 2011. The consensus estimate called for $1.34 EPS and $124.98 billion in revenues.

The company’s CEO said:

We are well positioned for another strong year in 2013, as we continue our plan to serve customers in all markets around the world with a full family of vehicles — small, medium and large; cars, utilities and trucks — with the very best quality, fuel efficiency, safety, smart design and value.

For 2013, Ford forecast pretax profit in line with 2012 results of $8 billion. On a pretax basis, EPS for 2012 year totaled $1.41. The consensus estimate for full-year 2013 EPS is $1.46. The light forecast will weigh on the shares today.

The company expects to raise U.S. volume from 14.8 million in 2012 to a range of 15 to 16 million in 2013. European volume will be no better than flat, in a range of 13 to 14 million and Chinese volumes are expected to rise from 19 million to a range of 19.5 to 21.5 million.

Ford’s profit-sharing payment to the company’s more than 45,000 North American employees will be about $8,300 for 2012.

The company’s first-quarter 2013 production forecast totals 1.565 million units, about 160,000 more than the company produced in the first quarter of 2012. For the full year, Ford produced 5.708 million units in 2012. The higher production in the first quarter reflects higher volume everywhere except Europe.

Speaking of Europe, the company’s European division posted a pretax loss of $1.753 billion, which the company attributed to “unfavorable volume and mix.” The company expects restructuring charges to be higher in 2013 in Europe as it retools its business on the continent.

Ford’s shares are down about 2% in premarket trading at $13.49 in a 52-week range of $8.82 to $14.30. Thomson Reuters had a consensus analyst price target of around $15.50 before today’s report.

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