About 50-thousand General Motors factory workers will receive profit sharing checks later this month from the company totaling more than 11-thousand dollars each.
A 7.3-billion dollar accounting charge pushed G-M into a 3.9-billion dollar net loss for 2017, but without the expense, the company posted record per-share earnings.
Excluding one-time items, G-M made 9.9-billion, or 6.62 per share, the highest since leaving bankruptcy in 2009. The earnings beat Wall Street estimates.
G-M says the change in the U-S tax code forced it to write down accumulated losses that it uses to avoid corporate income taxes. And that pushed up profits that the company will share with its’ workers.