Post by TonyV on Jan 28, 2010 12:34:39 GMT -5
From UAWLAP.org:
Profit Sharing Announced
January 28th, 2010 by sstone Print This Post
Net income for the fourth quarter was $868 million, or 25 cents per share, a $6.8 billion improvement over a year ago. Excluding special items, Ford posted pre-tax operating profits totaling $1.8 billion during the fourth quarter, a $5.5 billion improvement from a year ago. On an after-tax basis, excluding special items, Ford posted an operating profit of $1.6 billion in the fourth quarter, or 43 cents per share, compared with a loss of $3.3 billion, or $1.40 per share, a year ago.
Ford North America operations posted a pre-tax operating profit in the fourth quarter, excluding special items, of $707 million, its second straight profitable quarter. Ford South America, Ford Europe and Ford Asia Pacific Africa also posted pre-tax operating profits in the fourth quarter.
As a result of Ford’s 2009 U.S. financial performance, the company will pay profit sharing to 43,000 eligible U.S. hourly employees consistent with the 2007 UAW-Ford Collective Bargaining Agreement. The average amount is expected to be approximately $450 per eligible employee. As previously announced, Ford is not awarding salaried employee performance bonuses globally under the company’s bonus plan for 2009 company performance. However, the company did announce that U.S. salaried employees will receive merit increases in 2010, and the company’s 401(k) matching program was reinstated on Jan. 1, 2010.
QUARTER HIGHLIGHTS
• Announced a $2.3 billion investment in Brazil over five years to modernize plants and expand
production for Ford’s operations in South America
• Announced a $450 million investment to produce a new hybrid and plug-in hybrid at Michigan
Assembly Plant beginning in 2012 and develop and assemble hybrid battery packs in Michigan. The investment will create 1,000 new jobs for the plant
• Completed the transfer of UAW retiree health care assets and liabilities to the UAW Retiree Medical Benefits Trust, including a $500 million prepayment, removing a substantial health care liability from the balance sheet
• Revolving lenders agreed to extend the maturity of $7.9 billion worth of debt commitments to 2013 from 2011
• Issued $2.9 billion of convertible notes to strengthen the balance sheet
• Issued $2.9 billion of convertible notes to strengthen the balance sheetQUARTER HIGHLIGHTS• Announced a $2.3 billion investment in Brazil over five years to modernize plants and expandproduction for Ford’s operations in South America• Announced a $450 million investment to produce a new hybrid and plug-in hybrid at MichiganAssembly Plant beginning in 2012 and develop and assemble hybrid battery packs in Michigan. Theinvestment will create 1,000 new jobs for the plant• Completed the transfer of UAW retiree health care assets and liabilities to the UAW Retiree MedicalBenefits Trust, including a $500 million prepayment, removing a substantial health care liability from thebalance sheet• Revolving lenders agreed to extend the maturity of $7.9 billion worth of debt commitments to 2013from 2011• Issued $2.9 billion of convertible notes to strengthen the balance FOURTH QUARTER HIGHLIGHTS• Announced a $2.3 billion investment in Brazil over five years to modernize plants and expandproduction for Ford’s operations in South America• Announced a $450 million investment to produce a new hybrid and plug-in hybrid at MichiganAssembly Plant beginning in 2012 and develop and assemble hybrid battery packs in Michigan. Theinvestment will create 1,000 new jobs for the plant• Completed the transfer of UAW retiree health care assets and liabilities to the UAW Retiree MedicalBenefits Trust, including a $500 million prepayment, removing a substantial health care liability from thebalance sheet• Revolving lenders agreed to extend the maturity of $7.9 billion worth of debt commitments to 2013from 2011• Issued $2.9 billion of convertible notes to strengthen the balance sheet© 2009 uawlap.org All Rights Reserved.
Profit Sharing Announced
January 28th, 2010 by sstone Print This Post
Net income for the fourth quarter was $868 million, or 25 cents per share, a $6.8 billion improvement over a year ago. Excluding special items, Ford posted pre-tax operating profits totaling $1.8 billion during the fourth quarter, a $5.5 billion improvement from a year ago. On an after-tax basis, excluding special items, Ford posted an operating profit of $1.6 billion in the fourth quarter, or 43 cents per share, compared with a loss of $3.3 billion, or $1.40 per share, a year ago.
Ford North America operations posted a pre-tax operating profit in the fourth quarter, excluding special items, of $707 million, its second straight profitable quarter. Ford South America, Ford Europe and Ford Asia Pacific Africa also posted pre-tax operating profits in the fourth quarter.
As a result of Ford’s 2009 U.S. financial performance, the company will pay profit sharing to 43,000 eligible U.S. hourly employees consistent with the 2007 UAW-Ford Collective Bargaining Agreement. The average amount is expected to be approximately $450 per eligible employee. As previously announced, Ford is not awarding salaried employee performance bonuses globally under the company’s bonus plan for 2009 company performance. However, the company did announce that U.S. salaried employees will receive merit increases in 2010, and the company’s 401(k) matching program was reinstated on Jan. 1, 2010.
QUARTER HIGHLIGHTS
• Announced a $2.3 billion investment in Brazil over five years to modernize plants and expand
production for Ford’s operations in South America
• Announced a $450 million investment to produce a new hybrid and plug-in hybrid at Michigan
Assembly Plant beginning in 2012 and develop and assemble hybrid battery packs in Michigan. The investment will create 1,000 new jobs for the plant
• Completed the transfer of UAW retiree health care assets and liabilities to the UAW Retiree Medical Benefits Trust, including a $500 million prepayment, removing a substantial health care liability from the balance sheet
• Revolving lenders agreed to extend the maturity of $7.9 billion worth of debt commitments to 2013 from 2011
• Issued $2.9 billion of convertible notes to strengthen the balance sheet
• Issued $2.9 billion of convertible notes to strengthen the balance sheetQUARTER HIGHLIGHTS• Announced a $2.3 billion investment in Brazil over five years to modernize plants and expandproduction for Ford’s operations in South America• Announced a $450 million investment to produce a new hybrid and plug-in hybrid at MichiganAssembly Plant beginning in 2012 and develop and assemble hybrid battery packs in Michigan. Theinvestment will create 1,000 new jobs for the plant• Completed the transfer of UAW retiree health care assets and liabilities to the UAW Retiree MedicalBenefits Trust, including a $500 million prepayment, removing a substantial health care liability from thebalance sheet• Revolving lenders agreed to extend the maturity of $7.9 billion worth of debt commitments to 2013from 2011• Issued $2.9 billion of convertible notes to strengthen the balance FOURTH QUARTER HIGHLIGHTS• Announced a $2.3 billion investment in Brazil over five years to modernize plants and expandproduction for Ford’s operations in South America• Announced a $450 million investment to produce a new hybrid and plug-in hybrid at MichiganAssembly Plant beginning in 2012 and develop and assemble hybrid battery packs in Michigan. Theinvestment will create 1,000 new jobs for the plant• Completed the transfer of UAW retiree health care assets and liabilities to the UAW Retiree MedicalBenefits Trust, including a $500 million prepayment, removing a substantial health care liability from thebalance sheet• Revolving lenders agreed to extend the maturity of $7.9 billion worth of debt commitments to 2013from 2011• Issued $2.9 billion of convertible notes to strengthen the balance sheet© 2009 uawlap.org All Rights Reserved.
