BUSINESS MEMO: FORD EARNINGS

DEARBORN, Mich. -- Ford Motor Co.'s fourth-quarter profit declined after several one-time charges, but operating earnings increased nearly 7 percent.

The world's No. 2 automaker said it earned $1 billion, or 84 cents a share, down 42 percent from the $1.8 billion, or $1.45 a share, it earned during the same period of 1997. Excluding $631 million in after-tax charges, Ford earned $1.7 billion, or $1.35 a share, on an operating basis, up from $1.6 billion, or $1.27 a share, a year ago. Sales totaled $37.9 billion, down 5 percent from $40 billion a year ago.

For the year, Ford earned $22 billion, more than triple the $6.9 billion it earned in 1997. Excluding one-time factors, Ford's operating profit was $6.6 billion, or $5.30 a share, up 10 percent from the $6 billion, or $4.86 a share, Ford earned in 1997.

Ford said it reduced costs by $2.2 billion in 1998.