Following a successful 2017, General Motors will give its union-represented workers profit-sharing checks of $11,750. The automotive giant made $12.8 billion in pretax profits last year with slight drop in North American profits – from $12.4 billion in 2016 to just less than $12 billion a year later. The company is also proud to announce it returned to profitability in South America.
However, due to a number of extra charges, including $7.3 billion related to the tax reform and $6.2 billion charge related to the sale of Opel to France’s PSA, General Motors reports a net loss of $3.9 billion.
"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," Mary Barra, Chairman and CEO of GM, said in an official statement.
Compared to its Detroit rivals, GM has the highest profit-sharing bonus checks, as Ford announced it will give its employees checks of $7,500, while Fiat Chrysler Automobiles will pay its UAW-represented workers an average of $5,500. In addition, the American-Italian automaker will give its non-senior workers a bonus of $2,000.
"Improvements in all operating segments and an intense focus on cost reductions generated a record quarter and another record year," Chuck Stevens, executive vice president and chief financial officer, added.
At the other side of the Ocean, Daimler will be giving eligible employees a hefty bonus of €5,700, (about $7,072 at current exchange rates) in April this year after a record-breaking 2017. During the 12 months of the last year, the German manufacturer shifted a total of 3.3 million vehicles, up by nine percent compared to 2016. Mercedes-Benz alone delivered no less than 2,373,500 million cars.
Check out the press release section below for more 2017 GM numbers.
Source: General Motors via USA Today
General Motors Co. (NYSE: GM) today announced full-year 2017 EBIT-adjusted of $12.8 billion, repeating record 2016 performance. Results were driven by strong performance in North America, improvement in GM International led by strong equity income in China and a return to profitability in South America, sustained growth of GM Financial and an intense focus on costs.
Full-year 2017 records:
- EPS diluted-adjusted of $6.62
- EBIT-adjusted margin of 8.8 percent
- North America EBIT-adjusted margin of 10.7 percent, the third straight year above 10 percent
- GM Financial EBT-adjusted of $1.2 billion, up 50 percent and revenues of $12.2 billion, up $3.2 billion
Fourth-quarter 2017 records:
- EBIT-adjusted of $3.1 billion, up 18.7 percent
- EPS diluted-adjusted of $1.65, up 21.3 percent
- North America EBIT-adjusted of $2.9 billion, up from $2.7 billion
- GM Financial EBT-adjusted of $0.3 billion, up $0.1 billion and revenues of $3.3 billion, up $0.7 billion
