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Ford profit sharing a record
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January 21, 1999: 11:15 a.m. ET
Checks for 1998 to average $6,100, 39% more than last year's
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NEW YORK (CNNfn) - Some 160,000 of Ford Motor Co.'s U.S. employees have cause for celebration Thursday after the company's president said they'll receive record profit-sharing checks for 1998.
Ford president Jacques Nasser says eligible U.S. employees will get an average $6,100 when the checks are distributed March 3. That's 39 percent more than the previous record $4,400 passed out to employees for 1997.
"We earned several coveted profitability and quality awards, as well as top safety ratings," Nasser says. "Our efforts paid off in enhanced shareholder value."
Ford (F) has been paying profit sharing under terms of a 1982 contract agreement with the United Auto Workers. There have been 13 payments since the first one in 1984 to reflect 1983 results. Payments were skipped in the lean years from 1990 to 1992.
The company says the total of average profit-sharing payouts since 1984 is more than $32,575.
Earlier Thursday, Ford announced 1998 earnings of $22.07 billion, due largely to a $15.96 billion gain on the sale of The Associates financial unit. Earnings for the fourth quarter of $1.35 per diluted share before charges exceeded analysts' estimates.
Ford stock is down 15/16 to 63-3/4 in Thursday morning trading. 
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