Months after announcing that is closing several North American plants and laying off thousands of workers, General Motors (NYSE:GM) has posted an $8.1-billion net profit for 2018.
The Detroit-based automotive company said its latest profit was the result of better prices for vehicles sold in the U.S., its most lucrative market. General Motors 2018 performance was far better than 2017, when the company lost $3.9 billion after a giant tax accounting charge.
For all of last year, General Motors made $10.8 billion before taxes in North America. 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. General Motors made $1.40 per share in the fourth quarter. Excluding restructuring charges, the company made $1.43, beating Wall Street estimates of $1.24 a share.
News of the sizable profit comes months after General Motors announced that it is closing several production plants, including one in Oshawa, Ontario, and laying off thousands of workers. In Oshawa, more than 2,000 General Motors workers will be out of work later this year.
However, for union workers still employed by General Motors, the 2018 financial results mean big profit-sharing bonuses. About 46,500 union workers in the U.S. will each get $10,750 in profit sharing from the company.
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