GM net profits fall slightly but company still makes $9.4B

FILE - This Friday, May 16 2014, file photo, shows the General Motors logo at the company's world headquarters in Detroit. On Monday, Jan. 4, 2016, General Motors Co. announced it is investing $500 million in ride-sharing company Lyft Inc. GM gets a seat on Lyft’s board as part of the partnership, which could speed the development of on-demand, self-driving cars. (AP Photo/Paul Sancya, File)

DETROIT (AP) – General Motors’ net profit fell just under 3 percent last year but the company still made a $9.4 billion on the back of its U.S. money machine.

A record $12 billion pretax profit in North America will mean big checks for 52,000 union workers. They’ll get a record $12,000 each, up from $11,000 last year. That will cost the company $6.2 billion.

GM said Tuesday that it made $6 per share for the year. Without special items it made $6.12, beating Wall Street’s estimates. Analysts polled by FactSet expected $6.02 per share. Last year’s net profit was boosted by about $4 billion in accounting charges, mainly due to better prospects in Europe.

Full-year revenue was $166.4 billion, up 9 percent from a year ago, beating analysts’ estimates of $163.5 billion.

Keep checking WDTN.com for the latest news. To get alerts for breaking news, grab the FREE WDTN News App for iPhone or Android. You can also sign up for email alerts here.
Don’t miss another Facebook post or on Twitter for all the latest breaking news

WDTN.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s