GM Ties Full-Year Record Operating Profit

General Motors Co. reports an adjusted operating profit of $12.8 billion in 201, matching the record high set by the company in 2016.

Full-year net profit swung from $9.4 billion in 2016 to a $3.9 billion loss because of the sale of its Opel/Vauxhall operations to PSA Group and a $7.3 billion writedown in deferred tax assets because of the new U.S. corporate tax rate.

The noncash tax adjustment produced a $5.2 billion net loss from continuing operations in last year’s fourth quarter. When one-time items are ignored, GM’s operating profit for the period climbed 19% to a record $3.1 billion.

The company’s global retail sales last year declined 4% to 9.60 million units, including a 9% drop to 2.60 million vehicles in the fourth quarter. But a richer sales mix softened the impact. Fourth-quarter revenue from continuing operations shrank 6% to $37.7 billion, and full-year revenue slipped 2% to $145.6 billion.

GM Financial reports its operating profits surged 85% to $301 million in the fourth quarter and reached a record $1.2 billion for the year.

GM says it will distribute profit-sharing payments worth as much as $11,750 to 50,000 of its U.S. workers who belong to the United Auto Workers union.