Ford’s financial arm helps drive profits

Ford Motor Co., the second-biggest U.S. automaker, said Thursday it swung to a profit of $104 million in the fourth quarter from a loss of $793 million a year ago, when it incurred heavy charges for restructuring in Europe and a new agreement with its top supplier hurt the bottom line.

As its larger rival General Motors Corp. announced a day earlier, Ford said its finance arm contributed the bulk of its income while its automotive business lost money in the quarter.

The company offered no earnings forecasts. But Bill Ford, chairman and chief executive, above, said “we’re going to build on our successes as we launch more new products in 2005 and beyond.”

Real estate

First American Title names regional VP

Linwood resident Tony Hale has been promoted to Midwest regional vice president for First American Title Insurance Co., the company announced Thursday.

Hale, who has worked for First American Title Insurance since 1995, oversees the company’s operations in Kansas, Missouri, Nebraska and Iowa. He works in Overland Park.

The company has nearly 1,500 offices nationwide, including one at 4931 W. Sixth St. in Lawrence.

First American Title Insurance is the largest subsidiary of First American Corp., based in Santa Ana, Calif.

Economy

Mortgage rates drop

Rates on 30-year mortgages fell for a third straight week as investors’ concerns about inflation were eased by reports showing that prices fell in December.

The weekly survey released Thursday by the mortgage company Freddie Mac showed that rates on 30-year, fixed rate mortgages averaged 5.67 percent for the week ending Thursday, compared with 5.74 percent last week.

Earnings

Banks post increases

Citigroup Inc., the nation’s largest financial institution, reported record profits for the fourth quarter but said that 2005 earnings could be at the low end of Wall Street expectations.

Also Thursday, Atlanta-based SunTrust Banks Inc., the seventh-largest banking company, posted a 33 percent increase in fourth-quarter profits. Chairman and Chief Executive L. Phillip Humann told analysts the company had “no reason to back away” from the company’s earlier guidance of 2005 earnings of $5.48 a share.