(WWJ) - Ford Motor Company announced it will distribute profit sharing checks to union employees after the company saw $17.9 billion in financial gains last year.
WWJ's Jeff Gilbert reported Ford's North American earnings -- inflated by gains from their Rivian investment -- were large enough to write profit sharing checks on average of $7,377 for unionized employees, nearly double what workers received last year.
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"The team worked extremely hard this year given the COVID crisis and what we saw with the chips," Ford's Chief Financial Officer John Lawler said to WWJ's Jeff Gilbert.
"I think our team earned every dollar of it. I'm very pleased for them."
Lawler explained while the computer chip dilemma and omicron concerns still loom over the auto industry, Ford is expecting to recover and add another big year to the books in 2022.
"What you're seeing is the momentum of the business that we're building around leadership, EVs, connective services and improving customer experiences," Lawler explained.
Ford is confident that sales will climb 10% to 15% this coming year. Profit predictions fare even better with an increases as high as 15% to 25%. Lawler said Ford expects a first quarter hurdle due to disruptions with suppliers and the chip crisis, but pricing is said to remain strong and Ford will see improvement as the year goes on.
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