Moneymoneyrcwrttrumprecession

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.

more...

https://www.msn.com/en-us/money/companies/general-motors-on-track-to-lose-nearly-3-billion-from-strike/ar-AAJwhXL

1 replies, 48 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 1 replies Author Time Post
Reply General Motors on Track to Lose Nearly $3 Billion from Strike (Original post)
RCW2014 Oct 29 OP
quad489 Oct 29 #1

Response to RCW2014 (Original post)

Tue Oct 29, 2019, 11:16 AM

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

Reply to this post

Back to top Alert abuse Link here Permalink

Moneymoneyrcwrttrumprecession