GM Reports $11.8B in 2018 Earnings, Down 8.3 Percent from 2017
GM reported 2018 earnings of $11.8 billion, down 8.3 percent from 2017.
Amid continued protests over plant closings and the involuntary separation of thousands of white-collar employees, General Motors Co. today reported 2018 earnings of $11.8 billion, down 8.3 percent from the automaker’s 2017 numbers. As a result, workers can expect profit-sharing checks of more than $10,000.
Results were driven, according to GM, by strong pricing, surging crossover sales, successful execution of the company’s full-size truck launch, growth of GM Financial earnings, and disciplined cost control.
“GM delivered another strong year of earnings in a highly volatile environment in 2018,” says Mary Barra, chairman and CEO of GM. “We will continue to make bold decisions to lead the transformation of this industry and drive significant shareholder value.”
The Detroit-based automaker made $2.8 billion in pre-tax earnings in the fourth quarter prompted by what it says was a strong performance in GM North America, driven by a rich vehicle mix and strong pricing for GM’s all-new full-size pickup trucks: the Chevrolet Silverado and GMC Sierra.
Another bright spot for GM in 2017 was the performance of GM Financial, which generated before-tax earnings of $1.9 billion in 2018, up 58.3 percent compared to 2017.
The automaker also announced on Tuesday that it would add 1,000 workers at its Flint plant to assemble new heavy-duty pickup trucks.