October 30, 2013 online at www.uawlocal2250.com
The Community Services Committee is having a raffle with the proceeds going to supplement the upcoming Adopt A Child program. First place is an Amish Quilt. Second place is at $100 QT gas card. Third place is 2 Blues tickets to the Dec. 7 game. Tickets are $1 apiece or 6 for $5 and can be purchased from any committee member. Drawing will be held next Thursday, Nov. 7 at 10:30 am in the cafeteria. Thanks in advance for your support.
GM announced financial results for the 3rd quarter this morning. A summary of the report is on the back, but we will cut to the chase: GM North America (the driver of our profit sharing payout) earned $2.2 billion, up from $1.7 billion last year. That brings the cumulative total for profit sharing this year to $5500.
The flu shot drawing was held yesterday. Good news – everyone who submitted an entry will receive a flu shot. A schedule for distributing the shots is being put together and will be communicated as soon as it is complete.
If you still need to buy Halloween candy, there are many good Union made options from our sisters and brothers in the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), United Food and Commercial Workers (UFCW) and United Farm Workers of America (UFW). They make dozens of tasty treats including favorites such as Hershey Kisses, Clark Bar, Kit Kat, Jolly Rancher, Baby Ruth, Butterfinger and many, many more.
The November schedule is out. Beginning Monday, Nov. 18, the schedule goes from 544/8 hours to 652/9.6 hours for the remainder of the month (as always, this is subject to change). Once again, Wednesday, Nov. 27 is a scheduled day off, creating a 5-day weekend around Thanksgiving. Looking ahead, it has been confirmed that there will be extra downtime after the Christmas break, with production scheduled to resume on Monday, Jan. 13.
Chrysler also reported their 3rd quarter financial results today. Net income rose to $464 million in the third quarter as strong sales of pickups and SUVs offset delays in launching the 2014 Jeep Cherokee. The third-quarter profit was up 22 percent from the $381 million profit it posted during the same quarter of 2012, Chrysler said. It was Chrysler's ninth consecutive quarterly profit. The automaker's U.S. sales rose 8 percent to 603,000 vehicles in the quarter, compared to an industry average of 12 percent. Third-quarter revenue grew 13.5 percent to $17.6 billion. Revenue for the third quarter of 2012 was $15.5 billion.
General Motors Co. today announced third quarter net income to common stockholders of $0.7 billion or $0.45 per fully diluted share, down from $1.5 billion or $0.89 per fully diluted share a year ago. Improvement in operating performance during the quarter was more than offset by a net loss from special items and incremental tax expense. Net income to common includes a net loss from special items of $0.9 billion or $0.51 per fully diluted share, including $0.8 billion related to the repurchase of 120 million shares of Preferred Series A Stock. Results were also impacted by incremental tax expense of $0.5 billion or $0.29 per fully diluted share in the quarter compared to the third quarter of 2012.
Net revenue during the quarter was $39.0 billion compared to $37.6 billion in the third quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.6 billion compared to $2.3 billion in the third quarter of 2012. “We made gains in the third quarter as we improved our North American margins and increased our global share on the strength of our Chevrolet brand," said Dan Akerson, GM chairman and CEO. “Our efforts to build great cars and trucks and deliver solid financial results were recognized this quarter by Moody’s investment grade rating.”
GM Results Overview (in billions except for per share amounts)
Q3 2013 Q3 2012
Revenue $39.0 $37.6
Net income attributable to common stockholders $0.7 $1.5
Earnings per share (EPS) fully diluted $0.45 $0.89
Impact of special items on EPS fully diluted $(0.51) $(0.04)
EBIT-adjusted $2.6 $2.3
Automotive net cash flow from operating activities $3.3 $3.1
Adjusted automotive free cash flow $1.3 $1.2
Segment Results
GM North America reported EBIT-adjusted of $2.2 billion compared with $1.7 billion in the third quarter of 2012.
GM North American profit for the first three quarters of 2013 is $5.57 billion, which equates to $5500 in hourly profit sharing
GM Europe reported EBIT-adjusted of $(0.2) billion compared with $(0.5) billion in the third quarter of 2012.
GM International Operations reported EBIT-adjusted of $0.3 billion compared with $0.8 billion in the third quarter of 2012.
GM South America reported EBIT-adjusted of $0.3 billion compared with EBIT-adjusted of $0.2 billion in the third quarter of 2012.
GM Financial earnings before tax was $0.2 billion for the quarter compared to $0.2 billion in the third quarter of 2012.
Cash Flow and Liquidity
For the quarter automotive cash flow from operating activities was $3.3 billion and adjusted automotive free cash flow was $1.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $26.8 billion compared with $24.2 billion for the second quarter of 2013.
“During the quarter strong demand for new vehicles like the Cadillac ATS, Chevrolet Onix and the all-new Chevrolet Silverado helped boost our top-line,” said Dan Ammann, GM executive vice president and CFO. “We also further strengthened our fortress balance sheet and reduced our cost of capital through our $4.5 billion refinancing of high cost obligations.”
Tom Brune
UAW/GM Communications Coordinator
Wentzville Assembly
636-327-2119
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