GM Removes Guidance After UAW Strike Muddies Profit Outlook
- Carmaker made $2.28 a share last quarter, surpassing estimates
- CEO Barra says slower EV output reflects ‘bumpy’ transition
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General Motors Co. can no longer say if it will make up to $14 billion in profit this year because a United Auto Workers strike, now in its sixth week, has made the company’s financial future too difficult to predict.
The Detroit carmaker pulled the forecast Tuesday while reporting better-than-expected third-quarter results. GM made an adjusted profit of $2.28 a share, beating Wall Street estimates of $1.84, thanks to growth in its North American business and historically high vehicle pricing. Revenue was $44.1 billion, almost $1 billion more than analysts had forecast.