Ford's huge quarter a boost to UAW - Detroit Free Press
Huge profits reported by Ford on Tuesday likely will amplify the UAW’s chorus of “it’s our time” as Detroit’s automakers start talks with the union. It’s pretax operating profit in North America that determines the profit-sharing figure. Remember, Shanks said, for every $1 million of profit, a dollar goes to a worker’s profit-sharing. Through the first half of 2015, pretax operating profit in North America was $3. 85 billion, or about $3,850 per worker, with what is expected to be an even more profitable second half ahead. “It goes without saying that the sacrifices of our membership for nearly a decade have been a driving factor behind the economic rebirth of Ford,” said Jimmy Settles, vice president for the UAW’s Ford department, in a news release. Ford’s global net income of $1. 9 billion for the second quarter beat Wall Street’s expectations. After rising 45 cents to $15 in early trading Tuesday morning, Ford shares closed the day at $14. 83, up 1. 9%. Shanks said Ford’s second-half profit should be even stronger because the new version of the highly profitable F-150 pickup didn’t... Source: www.freep.com
