General Motors Posts Fourth-Quarter Loss on Factory Strike

By Mike Colias

General Motors Co.'s fourth-quarter profit was nearly wiped out by a 40-day union strike that shut down its U.S. factories last fall, putting pressure on the auto maker to get off to a fast start in 2020.

The company said Wednesday its operating profit in the October-to-December period plunged 96%, to $105 million, reflecting lost production in October as workers continued to picket its plants after the company and union failed to reach a new labor contract in September.

Adjusted earnings per share totaled 5 cents, better than analysts' average forecast of 1 cent.

Net income reversed to a $194 million loss in the fourth quarter, from a $2 billion profit a year earlier. Revenue fell 20%, to $30.8 billion.

Write to Mike Colias at Mike.Colias@wsj.com

(END) Dow Jones Newswires

February 05, 2020 08:26 ET (13:26 GMT)

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