GM factory workers to get $11K profit sharing checks
DETROIT (AP) – 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.
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.