Fourth Quarter Profits Slip on Tax Charges As Sales Climb 8%
Industry profits dropped 4% to $1,676.9 million from $1,754.5 million in Q4, which includes half a billion dollars in Tax Act-related charges, on revenues that increased 8% to $45,235.1 million from $41,814.3 million. Financial results for the year’s final period often feature one-time charges and impairments as company management tidies up poor decisions made in quarters past, but 2017 had the added burden of the Tax Cuts & Jobs Act, signed into law with just a week left in the year. Excluding those charges, aggregate net income would have been up 26% to $2,208.4 million. The results compare favorably with ... Log in to view full article.