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Chrysler Employees Getting $2,500 Profit Sharing Checks

Maker earns $1.8 billion for 2013

by on Jan.29, 2014

Chrysler employees are expected to received profit-sharing checks of about $2,500 this year.

Chrysler salaried and hourly employees were told today they’ll be getting profit-sharing checks after the maker reported earnings of $1.8 billion in 2013.

Based on a formula that UAW workers ratified in a 2011 contract, workers should expect a maximum profit sharing check of about $2,500 before taxes. That would be the highest profit-sharing check for Chrysler hourly workers since 1999. Last year, Chrysler workers profit-sharing checks averaged $2,250 before taxes.

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While employees may be happy to get the extra cash, the amount is about a quarter of the $8,800 checks about 47,000 Ford employees are expecting to get. (more…)

Chrysler Profit Triggers First Profit-Sharing Checks Since 2005.

CEO Marchionne reveals Chrysler earnings offset Fiat deficit.

by on Feb.02, 2012

Chrysler workers will get $1,500 profit-sharing checks - and stand to earn another $1,750 if the maker can deliver four consecutive quarterly profits.

Chrysler workers have a variety of reasons to be pleased about the maker’s improving fortunes. They’re not only seeing thousands of jobs added but receiving their first profit-sharing checks since 2005 as a result of the maker landing in the black for the first time since 1997.

Meanwhile, Sergio Marchionne, the CEO of both Chrysler and Fiat, said the U.S. makers positive net offset a deficit at its Italian rival, which has been hammered by the European financial crisis – which has been particularly severe in Italy.

Marchionne wrote to U.S. hourly employees – who negotiated an improved profit-sharing formula as part of last-year’s new contract with the United Auto Workers Union, advising them they would get an average $1,500 each.

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“This is a reward that you have earned,” Marchionne proclaimed. “Your efforts rewrote the history that so many naysayers had forecast,” he added, a reference to the many outside skeptics who argued in favor of shutting down Chrysler rather than approving the maker’s 2009 federal bailout.

(more…)

Chrysler Reduces Net Loss, Posts Operating Profit for Q4

Declaring turnaround firmly underway, maker plans bonuses for both hourly and salaried workers.

by on Jan.31, 2011

"It would have been inexcusable" not to reward workers, said CEO Sergio Marchionne.

Showing further signs of a comeback from its 2009 bankruptcy, Chrysler significantly narrowed its net loss for the fourth quarter of 2010 while posting an operating profit for the final three months of the year.

The maker, meanwhile, said it expects to have its bottom line firmly back in the black for all of 2011 – with projected earnings of somewhere between $200 million and $500 million.  Strong earnings will be essential for the maker’s plan to stage an initial public offering sometime during the second half of the year.

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The good news will be shared with company workers, CEO Sergio Marchionne alerting workers in a company-wide e-mail that both salaried and hourly staff will receive “performance award payments.”

“I want to express my gratitude to everyone for their hard work,” said the chief executive’s note.  “You are the authors of this success.  I want to thank you for your dedication, your creativity and your willingness to embrace change without which these results would not have been achieved.”

(more…)