General Motors Posts Q3 Beat But Withdraws 2023 Guidance Given Ongoing Strikes

General Motors (NYSE:GM) surpassed Q3 expectations while pulling its 2023 forecasts due to increasing costs from the UAW strike.
Q3 revenue increased by 5.4% to $44.131 billion, exceeding the predicted $42.62 billion. The adjusted EPS reached $2.28, beating the $1.88 Street estimate.
CEO Mary Barra addressed the ongoing strike, highlighting the wage and benefit adjustments in the U.S. post-COVID due to inflation and other factors. She stated that GM’s current offer to the UAW is its most substantial ever, with the majority of their employees expected to earn around $84,000 annually by the agreement’s conclusion.

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