{"id":7747,"date":"2023-10-31T19:56:28","date_gmt":"2023-10-31T19:56:28","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stellantis-stock-is-rising-uaw-strike-hurt-it-less-than-ford-and-gm\/"},"modified":"2023-10-31T19:56:30","modified_gmt":"2023-10-31T19:56:30","slug":"stellantis-stock-is-rising-uaw-strike-hurt-it-less-than-ford-and-gm","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7747","title":{"rendered":"Stellantis Stock Is Rising. UAW Strike Hurt It Less Than Ford and GM."},"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
\n Ford Motor
\n and
\n General Motors.<\/span>
\n Overall, performance looks a little better than peers. <\/p>\n

Tuesday morning, 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

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

Sales of battery electric vehicles rose 37% year over year. U.S. BEV sales rose about 32% year over year at General Motors (GM) and about 15% at Ford Motor (F). <\/p>\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, this past week, Ford reported a $1.3 billion hit to profit, while GM reported an $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,\u201d Knight said.<\/p>\n

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

Stellantis, 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.<\/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

Management hosts a conference call at 9 a.m. Eastern time for investors and analysts to discuss results. The outlook for sales amid rising interest rates will be on everyone\u2019s mind. <\/p>\n

Coming into Tuesday\u2019s trading, Stellantis stock is up about 33% over the past 12 months, while the
\n S&P 500
\n and
\n Dow Jones Industrial Average
\n are up about 8% and 1%, respectively. <\/p>\n

Write to Callum Keown at callum.keown@barrons.com and 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":"

Stellantis looks set to emerge from the six-week United Auto Workers strike with less damage than Ford Motor and General Motors. Overall,…<\/p>\n","protected":false},"author":1,"featured_media":7748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-7747","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nStellantis Stock Is Rising. UAW Strike Hurt It Less Than Ford and GM. | inFundPros<\/title>\n<meta name=\"description\" content=\"Stellantis looks set to emerge from the six-week United Auto Workers strike with less damage than Ford Motor and General Motors. 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