Ford Motor Co. reported earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's pre-tax operating profit was $1.104 billion, or 20 cents per share, a decrease of $189 million from fourth quarter 2010. Ford has now posted 10 consecutive quarters of pre-tax operating profit, as the company benefited from strong volume and revenue across its global product line. Net income attributable to the company was $13.62 billion, or $3.40 per share, an increase of $13.43 billion, or $3.35 per share, from the fourth quarter of 2010. This includes the favorable impact related to releasing $12.4 billion of the valuation allowance. Net income also was affected by a favorable special item of $401 million related to the sale of Ford's Russian operations to the newly created FordSollers joint venture, which began operations on Oct. 1, 2011. Revenues were $34.6 billion compared to $32.5 billion a year ago. Pretax results (inclusive special items) were $1,453 million compared to $1,173 million a year ago. Net income was $13,614 million compared to $13,426 million a year ago. Pretax results from continuing operations were $1,453 million compared to $280 million a year ago. Net income from continuing operations was $13,614 million compared to $188 million a year ago. Net income from continuing operations attributable to the company was $13,615 million compared to $190 million a year ago. After tax results from continuing operations was $797 million compared to $1,201 million a year ago. Diluted after tax results was $13,632 million. Cash flows from operating activities of continuing operations were $2.5 billion compared to $1.8 billion a year ago. Capital expenditures were $1.2 billion compared to $1.1 billion a year ago. The company reported 2011 full year pre-tax operating profit of $8.8 billion, an increase of $463 million from a year ago, as strong performance in North America and Ford Credit offset challenges in other parts of the world. Net income attributable to the company was $20.2 billion, or $4.94 per share, an increase of $13.7 billion, or $3.28 per share, from a year ago. The results include a favorable one-time, non-cash special item of $12.4 billion for the release of almost all of the valuation allowance against the company's net deferred tax assets. The company had total automotive debt of $13.1 billion as of Dec. 31, 2011, compared with total automotive debt was $12.7 billion as of Sept. 30, 2011, and $19.1 billion as of Dec. 31, 2010. Revenues were $136.3 billion compared to $129 billion a year ago. Pretax results (inclusive special items) were $8,681 million compared to $1,532 million a year ago. Net income was $20,222 million compared to $13,665 million a year ago. Pretax results from continuing operations were $8,681 million compared to $7,149 million a year ago. Net income from continuing operations was $20,222 million compared to $6,557 million a year ago. Net income from continuing operations attributable to the company was $20,213 million compared to $6,561 million a year ago. After tax results from continuing operations was $6,119 million compared to $7,578 million a year ago. Diluted after tax results was $20,319 million. Cash flows from operating activities of continuing operations were $9.3 billion compared to $6.4 billion a year ago. Capital expenditures were $4.3 billion compared to $3.9 billion a year ago. Total company pre-tax operating profit for 2012 is expected to be about equal to 2011. The company expects capital expenditures in 2012 to be $5.5 billion to $6 billion as it continues to invest in product and growth plans. For 2012, the company expects to continue improving business and deliver solid profits and strong automotive operating-related cash flow, while working to strengthen operations in Europe and South America and continue to grow. In 2012, the company expects net interest to be about the same as 2011. While interest expense will be reduced through debt reductions, the effect of lower interest rates will lower interest income. Overall, the company expects 2012 to be a solid year for the company, consistent with glide path to mid-decade guidance. For the fourth quarter ended December 31, 2011, the company reported charge-offs of $52 million were half the level of a year ago.