General Motors pulled off a repeat record performance with a full-year EBIT (earnings before interest and tax) of $12.8 billion in 2017. With the positive financial performance, GM will be preparing $11,750 profit-sharing bonuses for its UAW employees.
The EBIT figure follows a dramatic 2017, which saw GM sell off its European operations and the Opel and Vauxhall brands to France’s PSA Groupe. GM reported a net loss of $3.9 billion due to numerous special charges during the year. They include $7.3 billion related to tax reform and a $6.2 billion charge related to the Opel sale.
The profit-sharing bonuses are slightly down from the year before, which rang in at $12,000, but it’s still significantly higher than the automaker’s rivals. Ford plans for $7,500 profit-sharing checks, while Fiat-Chrysler Automobiles will hand out $5,500 bonuses. FCA also plans for a one-time $2,000 bonus for all employees outside of senior leadership following last year’s tax cut legislation, now law.
GM CEO Mary Barra said 2017 was a “transformative” year and the automaker will continue executing its plans to position GM for long-term success.