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Ford Hourly Workers To Get $7,600 In Profit-Sharing

January 23, 2019 - 5:30 pm

DEARBORN (WWJ/) - Ford Motor Co. hourly workers will receive $7,600 profit sharing checks, a slight increase from last year. 

That number, WWJ AutoBeat Reporter Jeff Gilbert says, is based on North America pre-tax earnings. "North America is the only place Ford is making money," Gilbert reported, "but they are making a lot of it here -- $7.6 billion."

The Dearborn-based automaker, meanwhile, is losing money in Europe and China. 

Ford on Wednesday reported its first quarterly loss in two years due to a pension accounting charge and poor performances in Europe and China.

The company said it lost $116 million, or 3 cents a share, in the fourth quarter compared with a $2.52 billion profit in the same period a year earlier. The loss included an $877 million charge to revalue pension assets due a late-year market slide.

Excluding one-time items, the company posted a profit of 30 cents per share. That fell just short of analyst estimates of a profit of 31 cents.

Shanks said Ford was impacted by a number of one time issues ranging from tariffs to recalls to slowing overseas markets.  

Despite it all, the company still made $3.68 billion for the full year. 

"It was a solid year; but, you know, I have to acknowledge it was a year that we weren't happy with in terms of the overall performance," said CFO Bob Shanks.

Going forward, Shanks said he believes they have a good plan for business in the rest of the world, where the company's restructuring is focused. 

"As we enter 2019 we're really in implementation and action mode," Shanks said. "You know, putting those things that we've been planning to do in place and starting to move."

Last year, 54,000 UAW workers got $7,500.

The Associated Press contributed to this report.