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General Motors posts loss on lower revenue, $7.3B tax charge

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General Motors posts loss on lower revenue, $7.3B tax charge

General Motors Co. reported a loss for the fourth quarter of 2017 following a decline in net sales and a noncash charge of $7.3 billion related to the remeasurement of deferred tax assets under the new U.S. tax law.

The net loss attributable to stockholders was $5.17 billion, or $3.65 per diluted share, for the quarter. This compared with net income of $1.84 billion, or $1.19 per diluted share, in the comparable 2016 period.

Net sales and revenue fell 5.5% to $37.72 billion, from $39.90 billion in the fourth quarter of 2016.

The company's North America segment net sales and revenue stood at $28.75 billion for the quarter, down from $31.3 billion, while its international segment came in at $5.69 billion, down from $6.01 billion.

The company's financial segment posted revenue of $3.25 billion, up from $2.55 billion.

On a full-year basis, General Motors reported a loss of $3.88 billion, or $2.60 per diluted share, in 2017, compared with net income of $9.43 billion, or $6 per diluted share, in 2016.

The 2017 loss was driven by $13.5 billion in special charges, which include the noncash charge related to the new U.S. tax law and a noncash charge of $6.2 billion from the sale of its Opel/Vauxhall unit.