Feb 24, 2011 online at www.uawlocal2250.com
From Chairman Mike Bullock: We received an email from UAW VP Joe Ashton today informing us that the full share payout of profit sharing will be $4300. per qualified employee. It will be paid on your check on March 25. More good news - we will be adding one permanent, full time UAW Benefit Representative. Lisa Williams will be appointed to the position. Lisa had been serving as the alternate benefit rep. Congratulations Lisa! Management is pulling ahead with the recall of the 24 employees. 7 were called back Tuesday, 11 more will be called back next Tuesday March 1st, seniority date 10/15/07, ssn # 6000, and the remaining 5 on March 7, seniority date 6/2/08, tiebreaker OGM 6/24/85. As a note to all the employees who are "return to former group" transfers, your Par. 63b's stay on file for any other transfers you may have submitted for, they are not cancelled due to this transfer. You can go to personnel to withdraw those at any time if you so chose.
From Automotive News: Toyota Motor Corp. said today it will recall 2.17 million Toyota and Lexus vehicles in the United States to inspect and repair accelerator pedals that may get trapped in floor mats or carpeting. The automaker said more than half of the recalled vehicles -- 1.54 million units -- are being added to a giant 2009 recall to inspect and repair accelerator pedals that may get trapped in floor mats. The affected 1.5 million vehicles include about 603,000 Toyota 4Runner SUVs sold from the 2003 through 2009 model years; about 17,000 Lexus LX 570 SUVS sold from the 2008 through 2011 models years; and about 761,000 Toyota RAV4 vehicles sold from the 2006 through 2010 models years. The Japanese automaker has now recalled 19.2 million Toyota and Lexus vehicles worldwide and more than 13.7 million in the United States to address safety problems since the fall of 2009.
From the Detroit News: Federal safety regulators and Ford Motor Co. are still in talks over whether the automaker's limited recall of 135,000 F-150s over air bag issues will satisfy the government's concerns about safety. The Dearborn automaker on Wednesday agreed to recall the F-150 pickups from the 2005 and 2006 model years because of concerns about airbags deploying without warning.
GM Announces First Full-Year Results as New Company
GM achieves four consecutive quarters of profitability
Calendar year net income of $4.7 billion, earnings per share of $2.89 on a diluted basis Calendar year earnings before interest and tax (EBIT) adjusted of $7.0 billion
Material Weakness in Financial Reporting Eliminated
DETROIT – General Motors Company (NYSE: GM) today announced its calendar year 2010 results marked by $4.7 billion of net income attributable to common stockholders for its first full year of operations.
Revenue for the calendar year was $135.6 billion. Automotive cash flow from operating activities was $6.6 billion and automotive free cash flow was $2.4 billion, both reflecting the impact of a $4.0 billion voluntary cash contribution to the company’s U.S. pension plans.
“Last year was one of foundation building,” said Dan Akerson, chairman and chief executive officer. “Particularly pleasing was that we demonstrated GM’s ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters.”
GM generated the following results:
Fourth Quarter ‘10 Calendar Year ‘10
Revenue (bils.) $36.9 $135.6
Net income attributable to common stockholders (bils.) $0.5 $4.7
- Adjustments and loss on preferred, included above (bils.) $(0.4) $(0.2)
Earnings per share on a fully diluted basis ($/share) $0.31 $2.89
- Adjustments and loss on preferred, included above ($/share) $(0.21) $(0.14)
Earnings before interest and tax (EBIT) adj. (bils.) $1.0 $7.0
Automotive net cash flow from operating activities (bils.) $(1.7) $6.6
Automotive free cash flow (bils.) $(2.8) $2.4
- Contribution to U.S. pension plans, included above (bils.) $(4.0) $(4.0)
GM North America (GMNA) had EBIT in the fourth quarter 2010 of $0.8 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe (GME) had a loss before interest and taxes of $0.6 billion, an improvement from a loss of $0.8 billion in the same quarter a year ago. GM International Operations (GMIO) had EBIT of $0.3 billion, down from $0.4 billion in fourth quarter 2009. GM South America (GMSA) had EBIT of $0.2 billion for the fourth quarter, compared with $0.3 billion in the same quarter a year ago. GM began reporting GMSA results as an operating segment in the fourth quarter, and has revised the segment reporting for prior periods. Automotive net cash flow from operating activities for the fourth quarter was $(1.7) billion, which reflects a $4.0 billion voluntary cash contribution to the U.S. pension plans. After deducting $1.1 billion of capital expenditures, automotive free cash flow was $(2.8) billion.
As a result of GM’s 2010 financial performance, the company will pay profit sharing to approximately 45,000 eligible GM U.S. hourly employees, and approximately 3,000 eligible GM Components Holdings (GMCH) employees. The average payout per employee will be approximately $4,300 for GM employees and $3,200 for GMCH employees.
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