{"id":71878,"date":"2023-10-12T12:56:06","date_gmt":"2023-10-12T16:56:06","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/uaw-latest-ford-kentucky-truck-plant-strike-this-is-the-earnings-hit\/"},"modified":"2023-10-12T12:56:09","modified_gmt":"2023-10-12T16:56:09","slug":"uaw-latest-ford-kentucky-truck-plant-strike-this-is-the-earnings-hit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71878","title":{"rendered":"UAW Latest: Ford Kentucky Truck Plant Strike. This Is The Earnings Hit."},"content":{"rendered":"
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The United Auto Workers strike against the Detroit-Three auto makers entered a new phase Wednesday. It means more uncertainty for investors. It also means the auto makers and the union are still far apart on a couple of key issues. <\/p>\n

UAW workers Tuesday evening walked out at Ford\u2019s Kentucky Truck Plant. It\u2019s a move designed to inflict serious financial pain on the auto maker. <\/p>\n

\n

Ford stock was down 3% in early trading Thursday at $11.88 a share, while the
\n S&P 500
\n and
\n Dow Jones Industrial Average
\n were down 0.2% and 0.3%, respectively. <\/p>\n

BofA Securities analyst John Murphy called it a \u201cserious blow\u201d in a report. Each week the Kentucky plant is down costs 5 cents in earnings per share according to his estimates. The consensus call for Ford\u2019s fourth-quarter earnings is 28 cents a share.<\/p>\n

Murphy rates Ford shares Buy and has a $23 price target. Analysts can still have Buy ratings despite all the turmoil because eventually a deal will get done.<\/p>\n

The reason for the significant earnings hit: With nearly 9,000 workers, Kentucky is Ford\u2019s largest plant in the world. F-series super duty is built there. That\u2019s an important profit generator for Ford\u2019s commercial business, Ford Pro. The Lincoln Navigator and Ford Expedition are built there, too. Overall, Kentucky generates about $25 billion in sales annually. Ford is expected to generate $173 billion in sales in 2023, according to FactSet. <\/p>\n

Now about 17,000 Ford workers are on strike, bringing the total at all three auto makers to about 33,000. Total UAW employment at the Detroit-Three is about 145,000 workers. <\/p>\n

Ford says it has the best economic offer of the three auto makers on the table. It was unwilling to make a new offer Wednesday. <\/p>\n

\u201cWell you\u2019ve just lost Kentucky Truck,\u201d said UAW President Shawn Fain, according to the company. <\/p>\n

\u201cFord made an outstanding offer that would make a meaningful positive difference in the quality of life for our 57,000 UAW-represented workers, who are already among the best compensated hourly manufacturing workers anywhere in the world,\u201d reads part of an emailed statement. \u201cIn addition to our offer on pay and benefits, Ford has been bargaining in good faith this week on joint venture battery plants, which are slated to begin production in the coming years.\u201d<\/p>\n

The UAW wants battery employees to be treated just like assembly line workers. Ford appears to be unwilling to meet all of UAW\u2019s demands. <\/p>\n

The strike began on Sept. 15. It was expanded on Sept. 22 and Sept 29. This walkout represents the third expansion. <\/p>\n

The strike has weighed on stocks. <\/p>\n

Through early trading Thursday morning, Ford and
\n GM
\n stocks were both down more than 20% over the past three months while the
\n S&P 500
\n was down about 1%. <\/p>\n

\n Stellantis
\n stock was up about 8%, but that auto maker is a more global company and shares are cheaper than the other two. <\/p>\n

Stellantis stock trades for less than 4 times 2024 earnings estimates. Ford and GM shares trade for less than 7 times and less than 5 times, respectively.<\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The United Auto Workers strike against the Detroit-Three auto makers entered a new phase Wednesday. It means more uncertainty for investors. It also means the auto makers and the union are still far apart on a couple of key issues. UAW workers Tuesday evening walked out at Ford\u2019s Kentucky Truck Plant. It\u2019s a move designed […]<\/p>\n","protected":false},"author":1,"featured_media":68768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-71878","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nUAW Latest: Ford Kentucky Truck Plant Strike. This Is The Earnings Hit. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The United Auto Workers strike against the Detroit-Three auto makers entered a new phase Wednesday. 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