GM tops Q3 expectations but pulls full-year guidance due to mounting UAW strike costs
Publishing timestamp: 2023-10-24 13:14:44
Summary
General Motors beat Wall Street's third-quarter expectations despite ongoing labor strikes by the United Auto Workers union. The strikes have cost the automaker roughly $800 million in pretax earnings. GM is pulling its previously announced earnings guidance for the year due to ongoing volatility caused by the strikes. The company is also pulling near-term targets for its electric vehicles due to slower-than-expected demand. Despite the challenges, GM reported adjusted earnings per share of $2.28 and revenue of $44.13 billion for the third quarter. GM is focused on streamlining its business to reduce costs and boost profits to achieve its 2025 financial targets.
Sentiment: NEUTRAL
Tickers: STLAM-IT, STLA, GM, F,
Keywords: breaking news: earnings, transportation, ford motor co, autos, stellantis nv, mary barra, detroit, personnel, labor economy, breaking news: business, earnings, business news, business, general motors co, paul jacobson,
Source: https://www.cnbc.com/2023/10/24/general-motors-gm-earnings-q3-2023.html