DETROIT -

Chrysler is scheduled to release its 2013 earnings Wednesday morning at 9 a.m.

Stay with Local 4 and ClickOnDetroit.com for the information as soon as it is released.

On January 21 Chrysler became fully owned by Italy's Fiat under a completed agreement that also involves the United Auto Workers union.

The agreement comes more than 4-1/2 years after the Obama administration brought Fiat in to keep Chrysler in business as part of a packaged bankruptcy proceeding. Fiat announced Jan. 1 the coming deal to get full control.

Fiat said had agreed to pay pay $3.65 billion for the 41.46% of Chrysler it doesn't already own from the UAW's medical benefits trust for retirees.

n addition to the deal, Chrysler will contribute $700 million to the benefits trust over a 4-year period. For its part, the UAW has agreed to support the automaker's plans to roll out vehicles and will drop a Delaware court proceeding over options exercised by Fiat in the acquisition of Chrysler.

The full takeover of Chrysler by Fiat means it will not have to go ahead with plans for an initial public offering of Chrysler stock, which had been set to take place in the first three months of 2014.

Fiat had filed to offer the shares held by the UAW trust if it hadn't been able to reach a deal to repurchase the shares.

Ford Earnings

The Dearborn, Mich.-based automaker Ford earned $3 billion, or 74 cents per share, in the final quarter of 2013, but that was largely because of a one-time tax gain. Excluding the gain, net income was 31 cents per share, topping analysts' forecast of 27 cents, according to FactSet.

Fourth-quarter revenue rose 3.5 percent to $37.6 billion. Ford shares were up 60 cents, or nearly 4 percent, to $16.31 in premarket trading.

For the full year, Ford earned $7.2 billion, or $1.76 per share. Without one-time items, including a pension buyout, the company earned $8.56 billion, or $1.62 per share, beating analysts' forecasts.

Full-year revenue rose 10 percent to $146.9 billion.

Because of Ford's strong annual profit, Ford's 47,000 hourly workers will get about $8,800 each in profit sharing payments on March 13, the company said.

For the full year, Ford posted record profits in North America and its Asia Pacific Africa unit. The company said it broke even in South America, and its loss was lower in Europe than last year.

The company repeated its outlook for 2014, saying that it expects pretax profits to be between $7 billion and $8 billion. That's lower than last year, when it made $8.6 billion before taxes. Ford expects revenue from selling cars to be about the same as 2013, but warned that its operating margin and cash flow will be lower.

Ford's market share grew in every region except Europe last year. Its sales jumped 49 percent to more than 935,000 in China thanks to new vehicles like the EcoSport and Kuga SUVs. In the U.S., sales rose 11.7 percent on strong demand for the F-Series pickup. Ford was the only major automaker to see double-digit U.S. sales gains.