Ford record full year pre-tax profit brings workers big checks image

Ford Motor reported its preliminary 2015 full year and fourth quarter financial results, posting strong profit that triggers 9,300 dollars profit-sharing checks for the UAW workers.

The Detroit-based automaker posted a 10.8-billion-dollar pretax profit for 2015, from which 2.6 billion dollars accounted for the last three months of the year. All regions were profitable for Ford, except South America, with new records in North America and Asia Pacific, while Europe returned cash for the first time since 2011. The company reported net income of 1.9 billion dollars in the fourth quarter and 7.4 billion dollars for the year, while the revenue was 40.3 billion dollars for the quarter and 149.6 dollars billion for the year. But the most important figure for around 52,700 UAW workers is the 9.3-billion-dollar pretax profit earned in North America. Under the contract negotiated with the UAW, eligible employees receive 1 dollar for each 1 million dollars from the North American profit. Therefore, the profit-sharing formula brings each worker 9,300 dollars before taxes, 2,400 dollars more than they were awarded in 2014. Workers received a 1,500-dollar prepayment at the contract ratification last year, with the rest of the amount due to be paid in March.

Ford Motor announced at the beginning of January its best annual sales results in nine years in the US, up 5 percent compared to 2014 results. The automaker sold 2,613,162 vehicles in 2015, posting the highest figure since 2005. Automaker’s brand sales of 2,511,935 units made Ford America’s best-selling marque for six straight years.

Via Detroit Free Press