Ford Posts Third-Straight Annual Profit DEARBORN, Mich. - The Ford Motor Company 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. 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. By region, 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. The net profit was equal to $4.94 a share, up from $1.56 a share a year earlier, when Ford earned $6.6 billion. The North American results mean 41,600 hourly workers in the United States will receive $6,200 in profit-sharing bonuses for 2011. It had $22.9 billion in automotive cash, up $5.6 billion for the year. Mr. Booth said the challenging economy in Europe and flooding in Thailand hurt fourth-quarter earnings. Commodity costs also ended up being higher than expected, he said. "The quarter was really driven by North America," he told reporters at Ford's headquarters on Friday. We saw the external environment deteriorate, and that really affected most regions other than North America. The accounting gain means that, on paper, Ford has recovered nearly all of the $30.1 billion it lost from 2006 through 2008. In the three years since, the company's profit totaled $29.5 billion. Ford created the tax valuation allowance in 2006, when Mr. Mulally joined the company as its performance was in a downward spiral and it mortgaged most assets to raise money. The losses meant Ford could no longer keep many deferred tax assets on its books, but after posting 11 consecutive profitable quarters it was able to release nearly all of that allowance. With the automotive market in the United States improving, Ford said it expected operating profit to increase in 2012 and for profit margins to be equal to or better than 2011. The company said it planned to contribute $3.5 billion to its underfunded pension plans, including $2 billion in the United States. Ford sold 11 percent more cars and trucks at American dealerships in 2011, with big gains for its redesigned Explorer sport utility vehicle and year-old Fiesta subcompact car. This year, it is bringing out revamped versions of the Fusion midsize sedan and Escape crossover vehicle, along with several plug-in vehicles and hybrids. Mr. Booth said Ford would be able to improve its performance in the years ahead not only by increasing sales but also by operating more efficiently, which is a central focus of its turnaround plan, known as One Ford. "We're really only at the beginning of getting the benefits of One Ford," Mr. Booth said.