GM Posts $4.9 Billion Loss After Tax Loophole Disappears Under Tax Reform

U.S. tax reform caused General Motors to report a loss of $4.9 billion for the fourth quarter, while the company achieved record operating profit for the period.

Without the $7.3 billion noncash charge related to the tax overhaul, GM’s net income would have increased by $1.9 billion compared with the same period in 2016.

The results are based on continuing operations, which do not include those such as its former Opel/Vauxhall business, sold by GM to PSA Group in 2017. Overall, the net loss was $5.15 billion, with a larger tax-related charge of $7.9 billion.

Read Article

Go to Source

Powered by WPeMatico