General Motors cut its full-year outlook, saying the strike at its U.S. factories will erode the bottom line by nearly $3 billion
By Mike Colias Oct. 29, 2019 8:05 am ET General Motors Co. said the nationwide strike at its U.S. factories will erode the bottom line by nearly $3 billion this year, leading it to lower its full-year profit outlook even though third-quarter results easily surpassed analysts’ forecasts..
GM’s third-quarter pretax profit, adjusted for one-time items, fell 6%, to $3.0 billion. Lost production and other costs related to the United Auto Workers strike of more than 46,000 U.S. factory workers, which halted production for the final two weeks of the quarter, dented profits by $1 billion. The auto maker’s pretax earnings per share for the quarter was $1.72 versus the $1.31 average estimate of Wall Street analysts. Net income fell 8%, to $2.3 billion. Revenue slipped 1%, to $35.5 billion.Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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