GM tops Q3 expectations but pulls full-year guidance due to mounting UAW strike costs

Business News

In this article

The GM logo is seen on the facade of the General Motors headquarters in Detroit on March 16, 2021.
Rebecca Cook | Reuters

DETROIT — General Motors is set to report its third-quarter earnings before the bell Tuesday.

Here’s what Wall Street is expecting, according to average estimates compiled by LSEG, formerly known as Refinitiv.

You Might Like
  • Adjusted earnings per share: $1.88
  • Revenue: $43.68 billion

Those results would mark a 4.3% increase in revenue compared to a year earlier, but a significant dent to earnings per share.

GM has been navigating ongoing strikes by members of the United Auto Workers after the union and Detroit automakers failed to reach tentative labor deals by a Sept. 14 deadline for contracts covering 146,000 union workers.

The UAW has been expanding work stoppages at GM, Ford Motor and Stellantis as bargaining continues. As of Monday, more than 40,000 UAW members at the automakers, or roughly 28% of UAW members covered by the expired contracts, were on strike.

Of the Detroit automakers, GM has the fewest number of workers — roughly 9,200 — currently on strike. The UAW hasn’t expanded strikes at GM since Sept. 29.

GM has previously said the work stoppage cost it roughly $200 million in lost production in September.

This is breaking news. Please check back for additional updates.

Articles You May Like

Video shows suspect carjack driver while trying to escape police after allegedly murdering his father in Texas
Media stocks jump after report says Apple, Paramount are discussing streaming bundle
Disney CEO Bob Iger blames abysmal box office for ‘The Marvels’ on COVID, addresses major gripe of comic book fans
‘We can … prevent planetary crash and burn’: UN’s Antonio Guterres advocates phase out of fossil fuels
Country’s Proposed ‘Hate Speech’ Law Targets Memes, Online Speech With Possible Prison Time

Leave a Reply

Your email address will not be published. Required fields are marked *