The company said Tuesday that its overall net income fell slightly in 2016 to $9.43 billion because of one-time charges. That will lead to best ever profit-sharing checks of $12,000 for GM's manufacturing workers.
General Motors said it made $12.5 billion in operating profit for the year, while its annual net profit slipped to $9.43 billion due to the fourth-quarter results. The adjusted result beat analysts' expectations of $1.17 per share.
On a per-share basis, GM's profit rose 1.5% to $6 a share. "We'll work to build on our momentum, while continuing to drive our company to innovate and shape the future of mobility". Revenue rose 11 percent to $43.9 billion, also topping analysts' estimates of $41.5 billion.
General Motors' 52,000 hourly workers will take home profit sharing checks of up to $12,000, after the US automaker racked up a record year in 2016, including $12 billion profit in North America.
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In North America, fourth-quarter profits fell 5.5 percent, and operating margins were 8.4 percent, down from 10 percent in the same period of 2015. GM narrowed its European pretax loss to $257 million in 2016 from $813 million in 2015.
GM's US sales fell 1.3% past year to 3.04 million vehicles, while inventories of unsold vehicles at its USA dealers rose by one-third to 845,000 vehicles at the end of 2016. That will cost the company $6.2 billion. GM blamed the fallout from the declining value of the British pound in the wake of the Brexit vote, which contributed to about $300 million in foreign-currency impact.
GM shares fell as much as 4.5 percent to $35.13 in the early trading in NY. The company's average transaction price in 2016 was almost $35,400, up more than $700 from its 2015 figure. He said executives are hopeful that GM could finally break even in Europe in 2018.