UAW strike is a $3 billion hit to GM's 2019 earnings
GM announced Tuesday that it had earned $2.3 billion in the third quarter, down 8.7%, adding that the 40-day UAW labor strike will reduce its 2019 earnings by about $2 per share — or nearly $3 billion.
Driving the news: About one-third of the strike impact was felt in the third quarter, which ended September 30. Workers returned to factories last Friday after ratifying a new four-year contract. GM said the financial results, driven by truck and SUV profits, demonstrate its ongoing resilience and said the labor agreement allows it to maintain its operating flexibility in the future.
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