Chrysler Group LLC reported Wednesday a net profit of almost $1.7 billion for 2012 and fourth-quarter earnings of $378 million. That was an eightfold improvement over the $183 million the company earned in 2011 and offered further proof of the automaker's turnaround.
It was even better than the $734 million the company would have made in 2011 if it had not paid back its loans from the U.S. and Canadian governments early, and it exceeded the company's previous projections.
CEO Sergio Marchionne said hourly UAW workers will receive profit-sharing checks averaging $2,250; Ford on Tuesday announced its average profit sharing will be $8,300. Salaried Chrysler workers also will get bonuses.
"This is a remarkable accomplishment, and a tribute to the courage, passion and commitment you have showed to restore Chrysler to being a competitive force," Marchionne said in a message to workers Wednesday, a copy of which was obtained by The Detroit News.
Excellent. Wealth redistribution at its finest.