DETROIT - General Motors Co on Tuesday posted a stronger-than-expected quarterly profit on robust U.S. demand for its lucrative pickup trucks and SUVs, offsetting the $3-billion hit from a U.S. labor strike that led it to slash its earnings forecast.
Last Friday, the 48,000 United Auto Workers union members at GM ratified a new four-year labor deal with the Detroit company, ending a 40-day strike. RBC Capital Markets analyst Joseph Spak in a research note called the deal’s financial impact “manageable.” Virtually all of the pre-tax profits came from its North American business and its captive finance arm.
The China Association of Automobile Manufacturers expects a 5% decline in industry sales in 2019, then contracting or growing slowly over the next three years. The No. 1 U.S. automaker said the full-year impact of the strike would be around $2 per share, or around $3 billion. GM also cut its projected 2019 capital expenditures to around $7.5 billion from its previous outlook of $8 billion to $9 billion. Suryadevara said no plans were cut and the lower spend was due to operating efficiencies.
Biz Mitt Romney wanted to sell this company off for parts when he ran for president…
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Biz ما فيش سيارة هدية 🤦♂️
Biz Good, so they can share the wealth with their employees.
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