Ford and Fiat Chrysler ring out the old year with earnings reports.
Ford says it’s net income for 2016 was $4.6 billion. Adjusted pre-tax profits were $10.4 billion, the second-best ever for the company. Ford took a $3 billion one-time loss due to a change in accounting procedures regarding health and pension benefits.
Ford made $2.1 billion in the 4th quarter before the accounting change.
Ford says average profit sharing checks to hourly workers will be $9,000.
Fiat Chrysler says it had income before taxes and interest of $1.9 billion for 2016. FCA made $1.7 billion in the 4th quarter. For the year FCA says it’s before tax and interest earnings were $6.5 billion, a 26-percent increase.
Fiat Chrysler says it’s average profit sharing bonus for hourly workers will be $5,000.