Chrysler pulls Big 3 to strong '96 profit as strikes hurt GM.(Brief Article)

Strikes at General Motors in 1996 headed a long list of industry "special events" that derailed what could have been a near-record year for Big 3 profits.

Work stoppages cost GM $1.2 billion in 1996 net income - roughly half the profit it would have made in North America without the strikes. More than half that amount occurred in the fourth quarter, pushing GM's North American Operations $124 million into the red.

Summing up 1996:

* Instead of beating record profits set in 1995, GM net income fell 17.2 percent to $4.96 billion for the year, 51 percent in the fourth quarter. Besides the downturn at NAO, earnings on international auto operations also slid for the year and the final quarter.

The June 7 spinoff of EDS was another major "special event" in 1996. The move added $500 million to GM's $17 billion pile of cash. GM increased its dividend last week and announced a stock buy-back program.

* Ford Motor Co. rebounded in the fourth quarter, freed from heavy spending …