GM Earnings Top Expectations; Forecast Cut After Strike
October 29, 2019
General Motors reported better-than-expected quarterly earnings Tuesday on strong auto sales but trimmed its full-year forecast after a lengthy strike that ended last week.
The automaker saw net income in the third-quarter drop 7.1 percent to $2.4 billion, easily topping Wall Street estimates, as revenues dipped 0.9 percent to $35.5 billion. Shares surged following the report.
But the company said the strike, which effectively shut down GM’s US operations for 40 days and halted its production of new cars, is expected to cut about $3 billion from 2019 earnings.