GM Weathered the Workers' Strike in Q3

General Motors on October 29 posted a third quarter net revenue of $35.5 billion, despite the United Auto Workers’ strike lasting nearly two weeks in Q3. They also delivered nearly 739,000 vehicles in the United States, according to GM’s third-quarter press release.

The strike, which lasted from September 16 to October 26, cost GM $750 million. The rest of the loss will be accounted for the in the fourth quarter of 2019, they said.

The Q3 results is a slight dip from their second quarter, where GM boasted a net revenue of $36.1 billion and delivered about 747,000 vehicles. In Q1, the Detroit-based auto company reported a net revenue of $34.9 billion and delivered 665,00 vehicles.

While the 40-day strike didn’t have an immediate effect in the third quarter, GM cut their profit forecast, predicting a loss of $3 billion for the year. Their share earnings would likely be $4.50 to $4.80, down nearly $2 from their original prediction.