Fiat Chrysler Automobiles workers will receive $7,280 in profit-sharing checks this year, an increase from a year earlier.

The company announced the payouts to about 44,000 UAW-represented FCA workers Thursday, the same day it released its earnings for 2019. Payments should go out March 13.

The profit-sharing checks compare with an average of $6,000 last year for FCA workers, and what union-represented workers at General Motors — $8,000 — and Ford — $6,600 — are slated to get this year, according to earlier Free Press reports.

UAW Vice President Cindy Estrada, who leads the union's FCA department, cheered the larger profit-sharing checks. The company and union negotiated a new labor contract last year that boosts the profit-sharing formula for workers.

“Through collective bargaining UAW members were able to bargain profit-sharing to adequately reflect their role in FCA US’s profitability. UAW FCA members make some of the best-selling quality products in America. Today’s eligible profit sharing amount of $7,280 per member reflects that hard work, dedication and product success,” she said in a news release.

The company, however, is seeing some challenges.

It reported a 9% drop in worldwide shipments to 4.4 million vehicles for 2019, which it attributed to dealer stock reduction in North America, lower shipments in China and product discontinuation in Europe. Maserati saw shipments down 45%, although FCA CEO Mike Manley said he is positive about the future with a new leadership team and electrified product plans for the luxury brand. Some raw material prices have also spiked.

FCA said it made $7.37 billion (6.7 billion euros) for the full year, before interest and taxes, with net profit from continuing operations of $2.97 billion (2.7 billion euros), 19% less than a year earlier. Adding in the gain from the sale of Magneti Marelli put net profit at $4.31 billion (3.93 billion euros). Net revenues were $119 billion (108.2 billion euros).

The company reported diluted earnings per share of $1.88 (1.71 euros).

As usual, North America represented the strongest market for the company, with shipments at 2.4 million. Adjusted earnings before interest and taxes were $7.37 billion (6.7 billion euros), with net revenues flat at $80.8 billion (73.4 billion euros).

Globally, for the final quarter of 2019, FCA said it made $2.31 billion (2.1 billion), before interest and taxes, with net profit of $1.76 billion (1.6 billion). Net revenues were at $32.58 billion (29.6 billion).

Results in the fourth quarter were affected by the bonuses negotiated in the UAW contract — $9,000 for traditional and $3,500 for temporary workers.

"Last year was a historic year for FCA, we continued to deliver value for our shareholders and we took actions to thrive in the future by substantially improving our financial condition, committing to key product investments, and entering into a combination agreement with PSA," Manley said, referring to Peugeot-maker PSA Groupe.

FCA's profits were powered largely by its Ram truck brand, which ousted the Chevy Silverado from the No. 2 pickup sales slot last year behind the Ford F-Series. The Ram 1500 has been on a tear, winning awards and even recently besting, with its Limited and Laramie Longhorn trims, offerings from Mercedes and BMW for Cars.com's top luxury car of the year, a first for a truck.

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Despite the strong performance from Ram, FCA's other most important brand, Jeep, saw U.S. sales drop 5% for the year compared with 2018. This year, Jeep could offset some of its losses elsewhere if the Gladiator midsize pickup does as well as expected.

Jessica Caldwell, executive director of industry analysis at Edmunds, said the 2019 results were basically what people expected in light of Ram's blockbuster year and that in the short term this could be OK. Markets, however, can shift, as was the case in 2008 when the truck market collapsed.

"While they’ve had a great year for Ram, this can't continue. This is a massive company. ... It can't be a one-product company in terms of where the money comes from," she said, noting that so much of the company's profits are centered in North America.

Caldwell wondered whether the merger would help make the company more balanced globally.

Part of the opportunity could come from Jeep, she said.

"Jeep has kind of been the cornerstone of their brand for so long … so it's kind of, what is the plan for that going forward?" Caldwell said.

Finding a way to better exploit Jeep's global recognition could be the answer, she said.

Several new vehicles are in the pipeline, including a Grand Wagoneer, but Caldwell noted that what's coming are larger vehicles geared toward the U.S. market. Part of the issue regarding Jeep sales, she said, could be the increased SUV competition from other automakers.

Cox Automotive in a posting this week noted that it's the less expensive Jeep models that are in the most trouble.

"For now, the brand is struggling with sales particularly with Jeep models at the lower end of the price spectrum — Cherokee, Renegade and Compass. FCA has had a couple of temporary closures of its assembly lines that make the so-called 'cheap Jeeps,' Cox reported.

David Kudla, CEO and chief investment strategist for Mainstay Capital Management, noted that despite the sales declines, FCA saw less of a drop than either of its crosstown Detroit rivals.

"Compared to GM and Ford, Fiat Chrysler had the smallest sales decline in 2019 with sales only down 1.4% at 2.2 million vehicles. GM reported a 2.3% decrease in sales to 2.9 million vehicles while Ford was down 3% at 2.4 million vehicles," according to a news release.

FCA stock is another story, with Kudla noting that it was down 12.2% over the last year, and that it has suffered against both Ford and GM. At the market close Thursday, FCA's stock was at $13.68, up 6 cents from the low point of the day just after noon, but that was down from $13.89 at 9:30 a.m.

Sales challenges aside, 2020 should be an interesting year for the Italian-American automaker as it works to complete a merger with Peugeot-maker PSA Groupe of France. The merger has received generally positive reactions from analysts, but uncertainty remains.

"FCA’s merger with PSA creates opportunities to scale investments in technology, but questions surrounding the strategy outside of North America remain,” Kudla said in the release.

The company must also contend with a federal lawsuit from GM claiming FCA purposefully cost GM billions of dollars by allegedly corrupting the bargaining process with the UAW. FCA, which says the suit is without merit, wants a judge to dismiss the case.

Contact Eric D. Lawrence: elawrence@freepress.com or 313-223-4272. Follow him on Twitter: @_ericdlawrence.