TECH - GM Tops Estimates But the UAW Strike Overshadows Its Full Year Guidance | Benzinga
After Tesla Inc (NASDAQ: TSLA) issued its third quarter earnings report that was considered a disaster by many and the UAW expanded the strike against Stellantis (NYSE: STLA) yesterday, General Motors (NYSE: GM) topped Wall Street estimates with its third quarter but still lowered its full year outlook due to mounting costs of the UAW strike, along with its EV market.
Report Highlights
For the third quarter, GM reported revenue of $44.13 billion, topping LSEG’s estimate of $43.68 billion as it grew 5.4%. Net income dropped 7.3% YoY to $3.06 billion while EBIT declined 16.9% YoY. Adjusted earnings per share of $2.28 topped LSEG’s estimate of $1.88. In North America, adjusted earnings tanked 9.5% YoY to $3.53 billion as during the quarter, the UAW strike costed GM about $200 million with total costs of the walkouts being $800 million in pre-tax earnings due to lost vehicle production.
On a somewhat brighter note, international activities ...