GM workers to receive profit-sharing checks of up to $12000
08 February, 2017, 00:55 | Author: Essie Rivera
Inventories of unsold vehicles at its US dealers rose by one-third to 845,000 vehicles at the end of 2016. GM's operating profit on a per-share basis was $6.12, up 22% from 2015. The fourth-quarter results included a currency-related impact of about $300 million from Brexit, the United Kingdom's planned exit from the European Union, according to a statement.
For all of 2016, GM's profit margins and revenue climbed to a post-bankruptcy record. The company posted record earnings per share of $6 for the year, revenue of $166.4 billion and North American adjusted pre-tax earnings of $12 billion.
The stock tumbled 4.7 percent in early trading in part because Wall Street fretted over GM's higher US inventories.
General Motors Co.'s fourth quarter net income fell 71% amid foreign-exchange headwinds and a non-recurrence of one-time gains recorded a year ago, but strong pickup-truck and SUV sales in the US carried the company to its second straight record operating profit for the full year. He said executives are hopeful that GM could finally break even in Europe in 2018.
The company forecast a 2017 profit and operating profit of $6 to $6.50 a share.
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Stevens said earnings in 2017 would be flat or up slightly from 2016, driven by more big numbers in North America.
Looking ahead, Stevens said a potential border adjustment tax from the Trump administration was "still too complex" to parse, but that GM was eager to lend the president a hand "to ensure that the outcome is beneficial".
"Solid results in the fourth quarter capped another record year of earnings and beat the commitments we outlined for 2016", said GM chief financial officer Chuck Stevens. GM's Tonawanda engine plant has about 1,500 hourly workers; it wasn't immediately known how many of those workers were eligible for profit-sharing checks.
The stock was higher in premarket trade, but reversed course in early trading, and were down $1.72 to $35.10.
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He also laid out a rough timeline for the massive project, saying he hoped the wall would be completed within the next two years. When he got a cold call from the Trump transition team, Kelly and his wife had no reservations.
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