Local workers, buyers all part of GM success
General Motors experienced yet another successful year, due in large part to the contributions of the hardworking labor force, including those at the Lordstown plants here. As a result, all members of the United Auto Workers nationwide will enjoy profit-sharing that could reach as high as $11,750 per member, before taxes.
General Motors’ 2017 earnings of $6.62 per share — the greatest since leaving bankruptcy in 2009 — exceeded Wall Street predictions of $6.33 per share. The company’s full-year revenue released last week came in at $145.6 billion, also topping expectations.
This year’s profit-sharing is set to be distributed Feb. 23 to the company’s 50,000 union factory workers based on a full-year pretax North American profit of $11.9 billion. Locally, checks will go out to about 3,000 members of United Auto Workers 1112.
Of course, the company’s successful year also was made possible by good management and support and loyalty of customers.
Let’s hope the workers who receive the profit-sharing will see fit to use the funds to make a significant impact on the economy here at home by spending it in local retail shops, restaurants, car dealerships, movie theaters, grocery stores and other businesses. Remember, spending the profit-sharing checks only at local businesses — not by shopping at online retailers based far outside our local economy — will help to keep our economy growing and flourishing.
According to company sales results released last week, despite U.S. deliveries of the Lordstown-built Chevy Cruze waning in 2017 compared to 2016 sales, the Cruze remains among Chevrolet’s top-selling vehicles.
Cruze remains a huge part of the company’s portfolio, UAW President Glenn Johnson said last week. “We’re looking forward to opportunities in the future to recapture our customers.”