DEARBORN, Michigan (AP) — Ford earned better-than-expected profits in 2012 as record results in North America trumped losses in Europe. It will have to do even better at home this year as the losses in Europe mount.

Ford earned US$5.66 billion for the year, down $300 million from a year ago, as a US$1.75 billion loss in Europe took its toll. Earnings per share fell to US$1.42 per share from or US$1.51 per share.

But Ford reported a record pretax profit of US$8.3 billion in North America, where sales rose and Ford made more money on every vehicle it sold. The company is planning to give out record profit-sharing bonuses of US$8,300 to 45,800 workers based on its North American results.

Chief Financial Officer Bob Shanks said Ford expects even higher results for North America this year, as demand for Ford’s pickups and its newest products — the Escape small SUV and Fusion sedan — will likely grow. But Shanks said Ford now expects to lose US$2 billion in Europe, up from the US$1.5 billion loss it predicted a few months ago.

“Europe will hit bottom this year,” Shanks said. He said the company is on track with a plan to close plants and introduce new vehicles in the region. Ford’s sales fell by 15.5 per cent in Europe last year.

Worldwide, Ford’s sales rose 7.5 per cent to 1.5 million in 2012. The company saw some of its biggest gains in Asia, where it’s introducing a slew of new products and building seven new plants. Sales in Ford’s Asia Pacific and Africa region were up 41 per cent over 2011.