GM net profits fall slightly but company still makes $9.4B

Markets Associated Press

FILE - This Friday, May 16, 2014, file photo, shows the General Motors logo at the company's world headquarters in Detroit. On Feb. 7, 2017, GM reports financial results. (AP Photo/Paul Sancya, File) (The Associated Press)

General Motors' net profit fell just under 3 percent last year but the company still made a $9.4 billion on the back of its U.S. money machine.

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A record $12 billion pretax profit in North America will mean big checks for 52,000 union workers. They'll get a record $12,000 each, up from $11,000 last year. That will cost the company $6.2 billion.

GM said Tuesday that it made $6 per share for the year. Without special items it made $6.12, beating Wall Street's estimates. Analysts polled by FactSet expected $6.02 per share. Last year's net profit was boosted by about $4 billion in accounting charges, mainly due to better prospects in Europe.

Full-year revenue was $166.4 billion, up 9 percent from a year ago, beating analysts' estimates of $163.5 billion.