GM posts $8.1B profit, hourly workers to get $10,750 in profit sharing
DETROIT (AP) - General Motors is posting an $8.1 billion net profit for 2018 as it got better prices for vehicles sold in the U.S., its most lucrative market.
The performance was far better than the previous year, when the company lost $3.9 billion after a giant tax accounting charge.
GM made $10.8 billion before taxes in North America, meaning big profit-sharing checks for about 46,500 union workers in the U.S. They'll get $10,750 each, down from last year's $11,500.
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The company said Wednesday that it made $5.58 per share for the year. Without special items for restructuring, the profit was $6.54, beating Wall Street expectations of $6.29.
GM made $1.40 per share in the fourth quarter. Excluding restructuring charges, the company made $1.43, beating Wall Street estimates of $1.24.
GM strengthens 2018 forecast, predicts stronger 2019 earnings