GM Posts $6.3B 4th-Quarter Profit, And $9.7B for 2015 / GM UAW Workers To Receive Profit-Sharing Up
Source: Detroit Free Press
Greg Gardner, Detroit Free Press 2:44 p.m. EST February 3, 2016
Record profits of $6.3 billion for the fourth quarter and $9.7 billion for 2015, generated $11,000 profit-sharing checks for General Motors' nearly 50,000 UAW, but GM stock continued to slide Wednesday.
The fourth-quarter earnings were helped by a $3.2 billion one-time accounting credit and were more than five times the $1.1 billion net income the company reported in 2014's fourth quarter.
On a per share basis, GM made $1.39 for the fourth-quarter, easily beating the $1.21 per share consensus estimate of 15 analysts.
Still more investors sold than bought. Why ? There's a perception on Wall Street that auto sales in GM's most profitable region, North America, are at or near a peak.
Read more: http://www.freep.com/story/money/cars/general-motors/2016/02/03/gm-posts-63b-4th-quarter-profit-and-97-b-2015/79713196/
GM UAW Workers To Receive Profit-Sharing Up To $11,000
Greg Gardner, Detroit Free Press 11:27 a.m. EST February 3, 2016
General Motors earned $6.3 billion in the fourth quarter, more than five times the year's-earlier $1.1 billion, and its UAW workers will receive profit sharing of up to $11,000 based on the company's 2016 pretax profit in North America of $11 billion.
The profit sharing payout is the highest for any of the Detroit-area automakers.
The $11,000 payment is not an average, but the maximum the company's hourly UAW workers who logged 1,850 hours during 2015 will receive. Federal and state taxes are withheld from the check. Altogether 49,600 workers are eligible for profit-sharing.
The payments, which are to be made later this month, are higher than last year's maximum of $9,000, and the most since GM and the UAW negotiated to share a portion of the company's domestic profit.
"UAW members will go home to their families today knowing that their hard work and team work have paid off," UAW Vice President Cindy Estrada said in a statement. "Through collective bargaining those UAW members eligible will receive up to $11,000 in GM profit sharing."
more...
http://www.freep.com/story/money/cars/general-motors/2016/02/03/gm-uaw-workers-receive-profit-sharing-up-11000/79708340/
= new reply since forum marked as read
