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Ford profit-sharing checks bigger

DETROIT, Jan. 22 (UPI) -- Ford Motor Co. Thursday said it lost $793 million in the fourth quarter but hourly workers will take home 2003 profit-sharing checks averaging $195.

Ford employees will receive checks for an average $195 -- $20 more than hourly workers at General Motors and $35 more than Ford's average profit-sharing check last year.

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Ford cut expenses $3.2 billion in 2003 and blamed the quarterly loss -- $663 million more than in the same quarter a year earlier -- on continued restructuring charges and a new contract with Visteon, its largest supplier.

Ford sold 1.8 million vehicles during the quarter. The No. 2 automaker reported 2003 net income of $495 million, compared to a $980 million loss in 2002, thanks to increased revenue from Ford Motor Credit financing operations.

"We have dramatically improved our profitability, beaten Wall Street's expectations for eight consecutive quarters, and moved closer to achieving our mid-decade goals," said chairman and CEO Bill Ford.

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