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Posts Tagged ‘FCA profit-sharing’

Fiat Chrysler Earnings Near $2b for 2016

Company says it will boost profit-sharing for hourly workers by 25%.

by on Jan.26, 2017

Despite weak sales of the now-cancelled Chrysler 200, FCA earnings surged for 2016.

Detroit’s smallest automaker closed the books on 2016 on a high note, delivering full-year earnings of $1.92 billion, after only marginally squeezing into the black the year before.

The turnaround should be good news to both Fiat Chrysler Automobiles investors and workers. The Euro-American automaker said it will nearly halve its net debt in the coming year. It also announced it would boost profit-sharing for U.S. hourly workers by 25%.

By the Numbers!

Net profits for all of 2016 jumped to 1.81 billion euros, or $1.92 billion, for FCA, which is officially registered in Amsterdam but operates one of its primary headquarters in the Detroit suburb of Auburn Hills. That compares with a meager 93 million Euro profit for all of 2015.

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FCA Hourly Workers Get 45% Hike in Profit-Sharing Checks

The $4,000 checks less than half expected payouts at Ford, GM.

by on Jan.28, 2016

Fiat Chrysler's North American UAW employees can expect a sizable increase in their profit-sharing checks this year: a 45% jump.

Members of the United Auto Workers employed by Fiat Chrysler Automobiles NV’s unit in North America will see their profit-sharing checks increase by 45%.

The $4,000 payment due members of the UAW represents a substantial increase from the $2,750 UAW-represented employees received last year, the company said. The FCA profit-sharing payments are expected to fall short those of union members at General Motors and Ford, which could approach $10,000

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The company said the hike in profit sharing was a result of the company’s 2015 financial performance. (more…)

Automakers Getting Ready to Pass out Profit-Sharing

GM employees bust bank with this year’s payout.

by on Mar.02, 2015

GM CEO Mary Barra said hourly employees weren't to blame for the $3 billion in costs related to faulty ignition switches so they'll get record-setting profit-sharing checks this year.

General Motors, FCA US and Ford Motor Co. will begin distributing profit-sharing checks soon, setting the stage for what is certain to become an intense debate over compensation for the companies unionized hourly workers.

Based on General Motors’ North America 2014 financial performance, the company will pay, on average, up to $9,000 to approximately 48,400 eligible GM U.S. hourly employees. The compensation was larger than allowed under the contract because GM elected to pay profits based on the company’s earnings before the $3 billion deduction to cover the cost of recalls. The recalls were the fault of GM’s management not GM’s workers, GM Chief Executive Officer Mary Barra said.

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“UAW members at General Motors are proud of what they do and see profit-sharing as another validation of their hard work producing quality vehicles. Profit sharing does more than put a few dollars into a member’s pocket. It means more to spend in the community and each little bit makes a big difference for everyone,” said UAW vice president Cindy Estrada, who is in charge of the union’s GM Department. (more…)