U.S. automotive giant General Motors (GM) has reported third-quarter financial results that beat Wall Street expectations despite ongoing labour strikes at its manufacturing plants.
Despite targeted strikes by the United Auto Workers (UAW) over the past month, General Motors reported Q3 earnings per share (EPS) of $2.28 U.S. and revenue of $44.1 billion U.S.
That was better than the EPS of $1.87 U.S. and revenue of $42.5 billion U.S. that Wall Street analysts had been looking for from the company.
Still, the ongoing strike by the UAW is likely to dominate the company’s Q3 earnings call with analysts and media. The targeted strikes that began on Sept. 15 have led to more than 9,000 GM workers walking off the job, which is roughly 20% of the company’s workforce.
Before its Q3 earnings were made public, General Motors published details of its latest offer to the union’s leadership team, which includes wage increases of 25% over four years.
The Q3 earnings call will give investors and journalists a chance to hear more from General Motors’ Chief Executive Officer (CEO) Mary Barra on the strike and how it might end.
General Motors’ stock has declined 18% over the last 12 months and currently trades at $29.22 U.S. per share.
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