Tue Oct 29, 2019, 10:34 AM

General Motors on Track to Lose Nearly $3 Billion from Strike

CBSNews 1 hr ago

Only two weeks of a lengthy strike against General Motors happened in the third quarter, but that was enough to dent the company's net profit by about $1 billion.

The company reported Tuesday that its third-quarter net profit fell 7% as a strike by the United Auto Workers union brought its U.S. factories to a standstill. The Detroit automaker made $2.35 billion, or $1.60 per share, but the strike cost it 52 cents per share of earnings.

Most of the impact from the 40-day strike will hit in the fourth quarter. GM said the strike will wind up costing it $2.86 billion in net income for the year. That forced the company to cut its full-year pretax profit guidance from $6.50 to $7 per share, to $4.50 to $4.80.

Excluding one-time restructuring costs, the company made $1.72 per share, beating Wall Street estimates of $1.38, according to data provider FactSet. Revenue fell 0.9% to $35.5 billion, but still surpassed analyst estimates of roughly $35 billion.


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Reply General Motors on Track to Lose Nearly $3 Billion from Strike (Original post)
RCW2014 Oct 2019 OP
quad489 Oct 2019 #1

Response to RCW2014 (Original post)

Tue Oct 29, 2019, 11:16 AM

1. ''trumprecession''....typical dumbfuckery claim...

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