Improved sales volumes, a better mix of sales, and cost reductions helped the company improve its performance from a $455 million profit in 2006, Ford said in a statement.
Full year revenues increased to $36.5 billion from $30.4 billion in 2006.
Fourth quarter profits were similar to last year at $223 million compared with $218 million a year ago, while revenue was $10.4 billion, up from $8.8 billion.
Fordís Premier Automotive Group (PAG) made a pretax profit of $504 million last year, compared with a $344 million in 2006.
Ford said cost reductions, volume growth and higher net pricing at Land Rover helped to offset unfavorable currency exchanges rates and an adverse model mix.
PAG includes Fordís Jaguar, Land Rover and Volvo brands. Ford is selling Jaguar and Land Rover but keeping Volvo.
Full year revenues for PAG were $33.2 billion, up from $30 billion.
Although Volvo was loss making for the full year, a third consecutive record sales year at Land Rover boosted the divisionís performance.
The fourth quarter was tough for PAG, with profits shrinking to $59 million from $174 million in 2006 as adverse currency exchange rates and product mix hit Volvo.
In the fourth quarter, Volvo broke even, while the combined Jaguar and Land Rover operations were profitable.
PAG revenue for the quarter was $9 billion, up from $8.6 billion in 2006.