DETROIT (WWJ) – General Motors earned $9.4 billion in 2016 — it’s best year ever. That will lead to best ever profit-sharing checks of $12,000 for GM’s manufacturing workers.
“By almost any measure, 2016 was a great year for our business and I am confident we can achieve even stronger results,” said GM CEO Mary Barra. “We’ll work to build on our momentum, while continuing to drive our company to innovate and shape the future of mobility.”
GM’s profit-sharing checks are based on earnings of $12 billion in North America. Those checks are $1,000 more than last year.
GM cut its losses in Europe to $300 million and earned $1.1 billion on its International Operations, which includes China. GM lost $400 million in South America, which is still an improvement from 2015. The company says it would have made money in Europe in 2017, had it not been for issues related to Brexit.
GM’s pre-tax income was $12.5 billion , up nearly 16 percent from last year. That works out to $6.12 a share, which was well above the company’s guidance.
“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. “We’ll stay focused on delivering results that will enable us to return capital and create more shareholder value.”
General Motors expects it earnings to grow in 2017, based on launches of new products, including redesigned crossovers.