LOUISVILLE, Ky. (WDRB) -- More than 12,000 hourly Ford workers in Louisville will get profit-sharing checks averaging $9,000 based on the automaker’s 2016 results.
It’s the second-largest bonus for Ford’s hourly workers behind last year’s average $9,300 in profit sharing. The bonuses will be paid on March 9.
Ford’s North American division earned a pre-tax profit of about $9 billion in 2016, the Dearborn, Michigan-based company said Thursday.
Under a formula negotiated with the United Auto Workers union, about 56,000 rank-and-file workers in Ford plants are entitled to $1 for every $1 million of the company’s North American profits.
For a full-time worker employed since 2012, the profit-sharing has resulted in an extra $42,367 over the five-year period, according to figures provided by Ford:
|Year||Average per-worker profit share|
Ford employs 12,620 full-time hourly workers between its two Louisville plants: 8,170 at Kentucky Truck Plant, on Chamberlain Lane, where Ford makes the Expedition, Lincoln Navigator and Super Duty pickups; and 4,450 at Louisville Assembly Plant on Fern Valley Road, where Ford primarily makes the Escape SUV.
Ford posted overall net income $4.6 billion in 2016. That’s about $2.8 billion less than the automaker earned in 2015.
Ford’s 2016 profit took a big hit when the automaker recorded a $3 billion “pension remeasurement” in the final three months of the year.
Ford said Thursday that investors should expect its 2017 North American results to be “strong but lower than 2016.” That would mean the checks cut to hourly workers in early 2018 for profit sharing would be less than this year’s $9,000.
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