General Motors to put $2.9bn in strike damage behind it
While the real cost may only be felt in the fourth quarter, an upbeat GM says if demand holds up in 2020, it will have capacity to boost output
29 October 2019 - 17:28
Southfield — General Motors (GM) is looking to put a six-week strike that cost about $2.9bn in the rear-view mirror as it ramps up production of high-profit margin trucks.
The vehicle maker said on Tuesday that the walkout by unionised workers at US plants, which ended last week, eroded free cash flow and forced it to lower its 2019 earnings forecast by $2 a share. But the damage was not as severe as some analysts predicted, with third-quarter results handily beating the average estimate, and GM shares rising the most since June...
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