Tag Archives: UAW 2023 Big Three contract negotiations and strike

Ford (NYSE: F) has a new, post-UAW-strike outlook for full-year 2023 operating results it said this morning after GM provided an unexpectedly strong one yesterday. Ford withdrew 2023 financial guidance in late October during the UAW strike of some notably profitable US operations. Ironically, the new forecast by Ford CFO John Lawler was given at the Barclays Global Automotive and Mobility Tech Conference, following a presentation by Paul Jacobson, GM EVP and Chief Financial Officer. Yesterday GM increased its 2024 dividend while minimizing the effect of the UAW strike tallied at $1.1 billion. GM said full-year net income was forecast between $9.1 billion and $9.7 billion, down from $9.3 billion and $10.7 billion.

Ford now projects full-year adjusted EBIT of $10.0 billion to $10.5 billion, and adjusted free cash flow of between $5.0 billion and $5.5 billion. Both are non-GAAP financial measures Although affected U.S. operations have been restarted, guidance reflects effects of strike-related manufacturing disruptions on wholesales and revenue. Ford was silent on the dividend. Continue reading →