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Fiat Chrysler US Workers To Get $6,000 In Profit-Sharing

February 07, 2019 - 8:47 am

DETROIT (WWJ/AP) - Italian American automaker Fiat Chrysler says fourth-quarter net profits rose by 61 percent, powered by North American sales of the all-new Ram 1500 and Jeep Wrangler.

Fiat Chrysler Automobiles on Thursday reported quarterly net profits of $1.46 billion, compared with $911.2 million in 2017. Revenues rose 6 percent to $34.6 billion.

North America profits grew by 19 percent to $7.02 million, accounting for the lion's share of the automaker's global profits. Based on the company's earnings, 44,000 unionized U.S. auto workers will get $6,000 profit-sharing checks. That's $500 more than in 2017, but smaller than U.S. rivals Ford and General Motors. On Wednesday, GM announced that workers would get $10,750, while Ford workers will get $7,600.

Fiat Chrysler continued to have trouble in Asia, which swung to a loss due to market weakness in China and more competition in Fiat Chrysler's core SUV market. Europe also lost ground, with profits dipping 44 percent on lower shipments and weaker pricing, while Latin America more than doubled.