{"id":78808,"date":"2023-10-31T05:05:33","date_gmt":"2023-10-31T09:05:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/stellantis-sees-a-smaller-hit-from-uaw-strike-than-ford-and-gm-the-stock-rises\/"},"modified":"2023-10-31T05:05:38","modified_gmt":"2023-10-31T09:05:38","slug":"stellantis-sees-a-smaller-hit-from-uaw-strike-than-ford-and-gm-the-stock-rises","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78808","title":{"rendered":"Stellantis Sees a Smaller Hit From UAW Strike Than Ford and GM. The Stock Rises."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Stellantis
\n looks set to emerge from the six-week United Auto Workers strike with less damage than Ford and General Motors. <\/p>\n

Chrysler parent
\n Stellantis
\n (ticker: STLA) beat revenue expectations in the third quarter but flagged a \u20ac3 billion ($3.2 billion) hit to sales from the six-week UAW strike.<\/p>\n

\n

The impact of the strike on profits at
\n Stellantis
\n is expected to be less than \u20ac750 million ($797 million), Chief Financial Officer Natalie Knight said on a media call, Dow Jones Newswires reported. <\/p>\n

In comparison,
\n Ford
\n (F) reported a $1.3 billion hit to profit, and
\n GM
\n (
\n GM
\n ) a $800 million impact. \u201cFor us, we are a big global company, so [North America] is part of the scheme but it\u2019s very different than what it is for our competitors, Knight said.<\/p>\n

The stock rose 2.8% in premarket trading.<\/p>\n

\n Stellantis,<\/span>
\n which has now reached tentative agreements with both the United Auto Workers and Canada\u2019s Unifor, said work stoppages have negatively impacted revenue by \u20ac3 billion ($3.2 billion), compared to planned production, through October.\u00a0<\/p>\n

Revenue rose 7% to \u20ac45.1 billion, beating analysts\u2019 estimates of \u20ac43.2 billion, according to a FactSet survey. The jump reflected greater volumes and consistent pricing power, Stellantis said.<\/p>\n

Despite the tentative deal to end the UAW strike, the fourth quarter will still be impacted given that the industrial action has lasted for the whole of October. However, Stellantis was still able to beat revenue estimates in the third quarter despite two weeks of strikes.<\/p>\n

Unifor\u2019s strike action at Stellantis plants lasted just a matter of hours early Monday as both parties quickly returned to the negotiating table and reached a deal.<\/p>\n

A combination of the strikes coming to an end, a revenue beat, and a smaller impact on profit than its rivals looks set to boost the stock.<\/p>\n

Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

Stellantis looks set to emerge from the six-week United Auto Workers strike with less damage than Ford and General Motors. Chrysler parent Stellantis (ticker: STLA) beat revenue expectations in the third quarter but flagged a \u20ac3 billion ($3.2 billion) hit to sales from the six-week UAW strike. The impact of the strike on profits at […]<\/p>\n","protected":false},"author":1,"featured_media":78809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-78808","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nStellantis Sees a Smaller Hit From UAW Strike Than Ford and GM. 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