Earnings

UAW strike cost GM about $3.8B for 2019, much higher than expected

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UAW members on strike outside a GM plant in Flint Michigan on Sept. 16th, 2019.

Michael Wayland | CNBC

DETROIT – A 40-day strike by the United Auto Workers union against General Motors cost the automaker about $3.8 billion for the year and $1 billion for the third quarter, much higher than some Wall Street analysts had estimated.

The strike lasted from Sept. 16 until Friday, when a majority of the union’s 48,000 members approved the four-year deal. It was the longest national walkout against the automaker since a 67-day strike in 1970.

After accounting for about $900 million in interest and taxes, the strike shaved off about $2.9 billion in profit from the automaker’s 2019 earnings, or $2…



Source cnbc.com

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