Ford earns $6.6 billion in 2010; hourly workers to get $5,000 profit-sharing payouts

[SpartanDem]

Source: Detroit Free Press

Ford said this morning that it earned a profit of $6.6 billion in 2010, less than the company was expected to report, but the most since 1999 when the automaker’s Explorer was America’s most popular SUV.

Ford also said that its hourly workers will receive an average profit-sharing check of $5,000.

The profit-sharing checks that Ford’s 40,600 U.S. hourly employees will get in March will be the largest since they received $6,700 in 2001.

We’ve always said that all our stakeholders will benefit from the growth of the company and improving profitability, and I think this is a specific reflection of that,” Ford Chief Financial Officer Lewis Booth said this morning. “It’s a delight to be paying profit sharing.”



Read more: http://www.freep.com/article/20110128/BUSINESS0102/110128008/Ford-earns-6-6-billion-2010-hourly-workers-get-5-000-profit-sharing?odyssey=tab|topnews|text|FRONTPAGE

[sarcasmo]

1. Finally some good news, I was just going to post the Detroit news link.

http://detroitnews.com/article/20110128/AUTO01/101280391/Ford-earns-$6.6B-in-2010--profit-sharing-checks-to-average-$5K

[global1]

2. Where Is The Profit Coming From?.....

both Ford and GM are posting record profits - but where is it coming from. Are Americans buying that many new cars? Has the economy bounced back so far that the American people are digging deep into their pockets and coming up with the money to buy a new car? I don't get it?

[dmallind]

3. Well yes in part

Car sales are up in the US by double digits (over a very poor prior year) but also Ford sells cars in a lot more countries, has done a good job in both model development and marketing, and has aggressively cut costs. All these make them profitable.

[MineralMan]

4. Yes, car sales are up. The unemployed are not buying them,

but a large majority of Americans are employed and are buying things. The auto companies have reorganized to be leaner and the profitability is back for them. So, the current workers are getting a bonus. Good news!

[muntrv]

5. GM has shed Pontiac, Saturn, SAAB, and Hummer, thus cutting spending.

[SpartanDem]

7. They are selling more cars

they has lower labor cost, no more job banks where they paying workers layoff years ago. In past years, with sales levels like this Ford would have lost money they had sell 4 million+ cars in 1999 to make similar profit and. By comparison Ford sold about 2 million vehicles this year.

[greiner3]

9. While Toyota plants in your part of the country;

Are running at considerably lowered capacity since Americans pay attention to their crappy safety record, US manufacturers are reaping the rewards. Beliefs such as these are talking points of the last election where Conservatives tried to make the case that Union workers made too much money. Ha! Class always rises to the top. Go my union brothers, go.

[Sixty_cycle_humm]

12. Overseas sales have been good also

GM sold more cars in China last year than they did in the U.S., much of their profit is coming from S.A. and Asia now unlike in the past when most of it was made here.

[backtomn]

13. Profits??........GM still owes us a bunch of money

GM made a big show out of paying off their first (and much smaller debt) in their commercials, but they have a bunch more to repay. Hopefully, we will see that soon. In the end, I don't think any of the car companies are creating jobs, so it may not matter much.

[AngryAmish]

6. See: the bailouts were a good idea!

[SpartanDem]

8. Ford didn't get a bailout

[closeupready]

10. I think he was being facetious.

n/t

[Auggie]

11. THIS IS STIMULUS...

The success from American manufacturing (mostly, one would assume) being returned to American workers.

:applause: