Transportation
Ford Slides After Pulling Profit Forecast on Strike Impact
- Automaker follows GM in withdrawing full-year guidance
- Strike cost seen at $1.3 billion, battery plant plans delayed
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Ford Motor Co. tumbled the most in eight months as the carmaker missed third-quarter earnings expectations, citing higher costs and lower quality, after it won labor peace through a tentative contract with the United Auto Workers.
With the six-week strike resolved pending a ratification vote by the union membership, Ford late Thursday pulled its forecast of adjusted earnings before interest and taxes in a range of $11 billion to $12 billion, which it had boosted in July. Crosstown rival General Motors Co., which still hasn’t settled with the UAW, likewise suspended its 2023 guidance.