GM posts full-year profit despite the strike
Posted February 5, 2020 8:30 a.m. EST
CNN — The United Auto Workers union strike at GM was costly, but it wasn't enough to stop the company from posting a $6.7 billion profit last year.
The nation's largest automaker reported a 17% drop in earnings for the year, along with a 7% decline in revenue. Part of its full-year profit from a $300 million gain it posted from its earlier investment in Lyft, which went public during the year.
For the final three months of the quarter, which included nearly a month of the strike, GM posted a loss of $194 million, compared to a $2 billion profit from a year earlier.
The strike lasted 41 days, as nearly 50,000 hourly workers were off the job, shutting 31 GM factories and 21 other facilities. It was the longest strike in the industry in decades. GM had already warned in October that the strike would cost it $2.9 billion over the course of the year.