FCA US -- former Chrysler -- earns $2.4B in 2014

FCA US said today it earned a profit of $2.4 billion in 2014 as its sales of Ram trucks and Jeep SUVs soared, giving the automaker a 31% increase over its 2013 profit.

FCA US, the company previously known as Chrysler, said its 2014 profit increased even after $1.2 billion in costs related to purchasing shares of stock from the UAW Retiree Medical Benefits Trust and higher recall costs.

FCA US is a subsidiary of the new Fiat Chrysler Automobiles N.V. (FCAU), which reported global earnings last week. FCA US reports earnings separately because it has publicly held debt.

The automaker also reported a modified operating profit of $3.5 billion for the year, up 10% from 2013. While the automaker did not announce a profit sharing amount for its U.S. hourly workers, it should come to about $2,750, based on a formula adopted when a contract was ratified by UAW workers in 2011.

Last year, workers receive profit-sharing of about $2,500 before taxes, based on the company's 2013 earnings. General Motors will announce its earnings Wednesday.

FCA US said its revenue increased 15% to $83.1 billion in 2014.

That revenue increase was driven by an increase in global sales, which rose to sales of 2.9 million cars and trucks, a 12% increase for the year.

The automaker said profit sharing for its U.S. hourly workers increased because sales of cars and trucks increased in North America. However, the profit sharing results also were hurt by higher than normal warranty and recall costs.

In 2011, UAW workers agreed to forgo annual pay increases in return for a simplified profit sharing formula in a four-year contract.

Last week, Ford said it would issue average profit-sharing checks of $6,900, down from a record $8,800 the prior year.

The profit sharing formula for Chrysler workers is based on the company's pretax profit in North America.

About 85% of Chrysler's profits come from North America, according to a summary of Chrysler's 2011 labor contract with the UAW.