GM churns out profit in 2019 despite strike, slumping sales
Source: AP
By TOM KRISHER
DETROIT (AP) — Despite a 40-day strike by factory workers and slumping sales in the U.S. and China, General Motors still made money last year.
The company posted a $6.58 billion profit for the year, but that was down almost 17% from 2018.
GM couldn’t avoid red ink the fourth quarter, though. The automaker lost $232 million, or 16 cents per share, largely because most of the strike by the United Auto Workers union happened during the quarter.
Excluding one-time items for employee separations and the sale of a Chinese joint venture, GM made 5 cents per share, soundly beating Wall Street estimates. Analysts polled by FactSet expected a profit of 1 cent per share.
FILE - In this April 23, 2018, file photo, the logo for General Motors appears above a trading post on the floor of the New York Stock Exchange. Despite a 40-day strike by factory workers and slumping sales in the U.S. and China, General Motors still made money in 2019. The company posted a $6.58 billion profit for the year, but that was down almost 17% from 2018. (AP Photo/Richard Drew, File)
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