General Motors workers to receive $11,750 in profit-sharing
A $7.3 billion accounting charge pushed General Motors into a $3.9 billion net loss for 2017, but without the expense the company posted record per-share earnings.
Excluding one-time items, GM made $9.9 billion, or $6.62 per share, the highest since leaving bankruptcy in 2009. The earnings beat Wall Street estimates. Analysts polled by FactSet expected $6.33 per share. Full-year revenue was $145.6 billion, which also beat estimates.
"The actions we took to further strengthen our core business and advance our visions for personal mobility made 2017 a transformative year. We will continue executing our plan and reshaping our company to position it for long-term success," Chairman and CEO Mary Barra said in a news release.
GM says the change in the U.S. tax code forced it to write down accumulated losses that it uses to avoid corporate income taxes. The assets went from $33.6 billion to $24 billion. Since the rate fell from 35 percent to 21 percent, the losses are worth less.
About 50,000 GM factory workers will get $11,750 profit-sharing checks later this month.