ford profit sharing $6200.00
Posted in the Chrysler Forum
#1 Jan 27, 2012
Ford Q4 operating profit slips to $1.1B on Europe, Asia losses
Ford hourly employees each qualified for an average of $6,200 in profit-sharing payments during 2011, the company said today.
Photo credit: FORD
Bradford Wernle Automotive News -- January 27, 2012 - 7:25 am ET UPDATED: 1/27/12 7:45 am ET
DETROIT -- Ford Motor Co. said its pretax operating earnings in the fourth quarter fell 15 percent to $1.1 billion, in part due to widening losses in Europe, as the company posted its third straight annual net profit.
Quarterly automotive profits were hurt by higher commodity costs, rising compensation costs in North America --including a one-time ratification bonus related to Ford's new contract with the UAW -- and unfavorable exchange rates. The company also lost money in its Asia Pacific Africa region after a year-earlier profit.
Fourth-quarter net income surged to $13.6 billion from $190 million a year earlier and the highest for any fourth quarter ever, aided by a one-time accounting gain. Revenue for the October-December period rose 6 percent to $34.6 billion.
"Despite the continued uncertainty in the external environment, the strength of our North American and Ford Credit operations allows us to continue to invest for future growth," CEO Alan Mulally said in a statement.
Full-year pretax operating profit rose 6 percent to $8.8 billion.
Full-year net income tripled to $20.2 billion, highest since 1998, bolstered by a non-cash special item of $12.4 billion.
That gain stemmed from eliminating a valuation allowance against deferred tax benefits. Ford no longer needs the reserve because it expects to be profitable in coming years and be able to use the tax benefits, according to a U.S. filing. The resource was created in 2006 as Ford began reporting losses that would total $30.1 billion through 2008.
Ford CFO Lewis Booth said: "The release of most of our valuation allowance is a really positive step and a strong indication of profits going forward."
Full-year revenues rose 13 percent to $136.3 billion.
You can reach Bradford Wernle at [email protected]rain.com.
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#2 Jan 28, 2012
Ford workers already received a part of their profit sharing checks a few months ago so they could vote YES on the contract, remember? so their checks now will be less than $3,000, pro rated
#3 Jan 28, 2012
Whatever happened with their 'Shared Sacrifice Grievance'? Anybody???
#4 Jan 28, 2012
Still $3000 would be awesome
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