General Motors Posts Fourth-Quarter Loss on Factory Strike
06 February 2020 - 12:41AM
Dow Jones News
By Mike Colias
General Motors Co.'s fourth-quarter profit was nearly wiped out
by a 40-day union strike that shut down its U.S. factories last
fall, putting pressure on the auto maker to get off to a fast start
in 2020.
The company said Wednesday its operating profit in the
October-to-December period plunged 96%, to $105 million, reflecting
lost production in October as workers continued to picket its
plants after the company and union failed to reach a new labor
contract in September.
Adjusted earnings per share totaled 5 cents, better than
analysts' average forecast of 1 cent.
Net income reversed to a $194 million loss in the fourth
quarter, from a $2 billion profit a year earlier. Revenue fell 20%,
to $30.8 billion.
Write to Mike Colias at Mike.Colias@wsj.com
(END) Dow Jones Newswires
February 05, 2020 08:26 ET (13:26 GMT)
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