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GM Earnings Dip, But Still Beat Expectations

Workers to take home record $12,000 in profit-sharing.

by on Feb.07, 2017

GM earnings, especially in the U.S., reflected growing demand for SUV and pickups.

One-time charges took a toll on GM’s 2016 earnings, but the maker still managed to beat expectations for the full year, it reported Tuesday morning.

And booming North American demand for high-margin pickups and sport-utility vehicles translates into good news for U.S. workers. Hourly employees represented by the United Auto Workers Union will take home an average $12,000 in profit-sharing, an all-time record.

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“It was just a truly outstanding year,” GM Chief Financial Officer Chuck Stevens said, adding that despite concerns U.S. sales will slip slightly, “We expect 2017 to be a very strong year from a company perspective and another year of 10% or more in profit margins in North America.”


GM’s UAW Workers Earn Up to $11K in Profit Sharing

UAW workers getting bigger checks than last year.

by on Feb.03, 2016

GM's UAW hourly workforce can get as much as $11,000 each in profit sharing this year.

General Motors Co. employees are getting as much as $11,000 each in profit sharing in the wake of the company’s record profits in 2015, while top GM executives said the outlook for 2016 remains very promising.

That exceeds last year’s $9,300 enjoyed by UAW workers. However, Mary Barra, GM’s chairman and chief executive officer, tempered expectations telling analysts that GM is confident that the demand vehicles is at a peak and will begin to drop.

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“It’s hard to predict a downturn,” she said, adding that GM believes the economic fundamentals are still relatively strong and stable. (more…)

GM Earnings surge 60% to $7.6 Billion

But Q4 profits flatten as Europe flounders, Chinese sales soften.

by on Feb.16, 2012

GM CEO Dan Akerson: A strong performance during maker's first year after IPO.

Despite continuing losses in Europe and a drop in income from Asia, General Motors Co. reported a 60% increase in income for 2011, reporting it earned $7.6 billion, or $4.58 per share, up from $4.7

billion, or $2.89 share, in 2010.

But the maker saw earnings flatten out during the fourth quarter of the year.

Nonetheless, the strong upsurge for the full year means GM’s nearly 47,500 hourly employees in the U.S. will receive profit sharing check of up to $7,000 on profits generated in North America.

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“In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO.“We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world,” Akerson said.


GM To Give Hourly Workers $4,000 Bonuses

Falls short of Ford’s profit-sharing package.

by on Feb.14, 2011

GM CEO Akerson sending a kiss - and more than $4,000 in cash - to hourly workers.

General Motors CEO Dan Akerson has a big Valentine’s Day card coming in the mail for 45,000 workers.

Though they’ll still have to wait a bit for delivery, they can anticipate a profit-sharing bonus of at least $4,000 apiece, the executive announced today.  That’s more than double the previous record $1,775 profit-sharing payment workers received from GM – and that was back in 1999.

But the maker’s bonus still falls short of the $5,000 Ford Motor Co.’s hourly workers will be getting.  Ford decided to pay out significantly more than it was required to, in fact, under its agreement with the United Auto Workers Union.

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That reflects concerns Detroit automakers have about how workers will respond to the domestic industry’s fast-improvement health.  UAW members granted billions of dollars in concessions, first as part of their 2007 contracts with the U.S. Big Three, and then again to help the makers hobble through the economic downturn that saw auto sales plunge to their lowest levels in decades.