October 30, 2012 online at www.uawlocal2250.com
The Community Services Committee is selling raffle tickets for a 6’ x 8’ area rug (copper/brown shag style donated by Troy Flooring Center, retail value $325) and a $50 QT gas card. Tickets are $2 apiece or 3 for $5 and are available from any committee member. There should be a member selling tickets in each department. Drawing is Wednesday, Nov. 14.
Reminder: The Veterans Day observance holiday is Wednesday, Nov. 21 (not Friday the 16th). There is also no production next Tuesday, Nov. 6 so you can exercise your constitutional right/obligation to vote.
Ford Motor Co. posted a $1.63 billion third-quarter net profit, nearly matching its year-earlier total, as record high earnings in North America more than offset mounting losses in Europe. Pretax operating profit rose to a record $2.16 billion from $1.94 billion a year earlier, the company said in a statement today. Pretax operating profit in North America increased to $2.33 billion -- a record for any quarter since 2000, when Ford began tracking the region as separate business unit -- from $1.55 billion a year earlier. The pre-tax loss in Europe widened to $468 million from $306 million in the third quarter of 2011. Total global revenue was $32.1 billion, down from $33.1 billion a year earlier. Last year's net of $1.65 billion was Ford's second-highest quarterly profit ever.
Ford earned $4.14 billion in North America in 2012's first half and had an operating profit margin of 10.8 percent in an industry where a 5 percent margin is considered respectable. Ford's North American operating margin in the third quarter was a record 12 percent. Ford's U.S. car and light truck sales rose 5 percent through September to 1.69 million, but with the overall U.S. market up 15 percent, the company's market share in the first nine months fell to 15.5 percent from 16.8 percent a year earlier. Some of that market-share loss reflects the rebound of Japanese brands, which were production constrained in 2011 due to the devastating earthquake and tsunami in Japan. Ford's vehicles are also commanding higher prices. The average price a consumer paid for a Ford model rose to $32,535 this year, up from $28,750 five years ago, according to Edmunds.com. (GM reports 3rdquarter results tomorrow)
Chrysler Group's third-quarter net profit rose 80 percent to $381 million on strong sales of cars and light trucks in North America. The company earned $212 million a year earlier as its North American sales of cars and light trucks were rising amid what is now a string of 30 consecutive months of year-over-year sales gains. Revenue rose 18 percent to $15.5 billion during the latest period as Chrysler's worldwide vehicle sales climbed 12 percent to 556,000, the company said in a statement today. For the first nine months of 2012, Chrysler posted $1.3 billion in net profits, two and a half times the $509 million it earned for the same period of 2011. Chrysler ended the third quarter with $11.9 billion in cash, down from the $12.1 billion it had at the end of June. The company is preparing several major product launches expected to occur in 2013 and 2014. The company recorded a modified operating profit of $706 million, or 4.6 percent of revenue, for the third quarter, up 46 percent from $483 million reported for the same period of 2011. For the first nine months of 2012, Chrysler's modified operating profit was $2.2 billion, up 50 percent from the first nine months of 2011. The automaker said the rise was due in part to increased sales volumes and pricing, partially offset by a mix that favored less profitable passenger car sales instead of pickups and SUVs. Through September, Chrysler recorded 30 consecutive months of year-over-year sales gains in the United States. During the third quarter, the company said it posted a 13 percent increase in total U.S. sales and a 16 percent increase in U.S. retail sales. Chrysler's U.S. market share for the third quarter was 11.3 percent, down 0.1 percentage points from the same period of 2011.
Even after Chrysler Corp.'s Gualberto Ranieri, vice president of communications, said Friday, “Let's set the record straight: Jeep has no intention of shifting production of its Jeep models out of North America to China,” the Romney campaign put out a false and misleading ad basically repeating his bogus statement made Thursday in Ohio that Chrysler was moving all Jeep production to China. “What is especially hypocritical of Mr. Romney’s statements and new ad is Bain Capital’s closing of profitable U.S. facilities and shifting work to China to make even higher profits like what is happening today in closing a profitable Sensata plant in Freeport, Ill., to move the work to China,” said UAW President Bob King. “Romney says in the ad that he will fight for every American job, so why isn’t he fighting for the American jobs at Sensata? And why isn’t he intervening with his own Bain Capital to keep these jobs in the U.S. rather than outsourcing them to China? We just wish that Mr. Romney was as committed to investing in the U.S. as Chrysler CEO Sergio Marchionne is. “Americans will remember that President Obama stood behind American working families and American communities in rescuing the U.S. auto industry and that Mr. Romney opposed the rescue and now attacks Chrysler with misinformation. In putting out this misinformation, Romney is recklessly undermining Chrysler’s reputation and threatening good American jobs,” King added.
Tom Brune
UAW/GM Communications Coordinator
Wentzville Assembly
636-327-2119
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