The GM logo is seen on the facade of General Motors’ headquarters in Detroit on March 16, 2021.
Rebecca Cook | Reuters
DETROIT – General Motors is expected to report its third-quarter results before the market close on Tuesday.
That’s what Wall Street expects, according to average estimates from LSEG, formerly known as Refinitiv.
- Adjusted earnings per share: $1.88
- Revenue: $43.68 billion
These results would represent a 4.3% year-over-year increase in revenue, but represent a significant decline in earnings per share.
GM is grappling with ongoing strikes by members of the United Auto Workers after the union and Detroit automakers failed to reach tentative collective bargaining agreements on contracts with 146,000 union workers by Sept. 14.
The UAW has expanded work stoppages at GM, Ford engine And Stellantis as negotiations continue. On Monday, more than 40,000 UAW members went on strike at automakers, about 28% of UAW members covered by the expired contracts.
Of the Detroit automakers, GM currently has the fewest workers on strike – around 9,200. The UAW has not expanded strikes at GM since September 29th.
GM previously said the September work stoppage cost about $200 million in lost production.
This is breaking news. Please check back for further updates.