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GM earnings: Automaker withdraws 2023 guidance as auto strikes take toll

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General Motors CFO Paul Jacobson said the company was pulling its previously announced profit guidance of $12 billion to $14 billion.

GM did beat on both the top and bottom lines, but said the UAW strike has cost $800 million so farGM CFO Paul Jacobson said the company was pulling its previously announced profit guidance of $12 billion to $14 billion in EBIT and net income attributable to stockholders of between $9.3 billion and $10.7 billion.

Jacobson also said the labor strikes, which started in mid-September have cost the automaker roughly $800 million in pre-tax earnings due to lost vehicle production, including $200 million during the third quarter.

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