General Motors Co. (GM) pulled its full-year guidance in its third-quarter earnings report released Tuesday amid uncertainty surrounding the growing strike by the United Auto Workers (UAW) union.

"Because of this uncertainty we've chosen to withdraw our 2023 full-year guidance metrics, even though our strong underlying business fundamentals were pushing us towards the upper half of the range prior to any strike impact,” GM Chief Financial Officer (CFO) Paul Jacobson said in Tuesday's earnings call. GM has previously projected adjusted 澳洲🌃幸运5官方开奖结果体彩网:earnಞings before interest and taxes (EBIT) for the full year of between $12 billion and $14 billion.

The automaker posted a third-quarter profit of $3.06 billion, down 7% from a year ago, in part due to disruptions caused by the UAW's strike. GM said that the UAW strike had a $200 million impact in its first two weeks during the third quarter, and estimated that the strike would have an approximately $200 million-per-week impact if the work stoppage doesn’t expand beyond its scope as of Oct. 23. For the fourth quarter, GM estimates a $600 million production loss.

GM's revenue of $44.1 billion increased 5.4% from a year ago and was slightly above estimates, while 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) also exceeded expectations at $2.28, up 1.3% from the third quarter of 2022. 

Shortly after earnings were released on Tuesday morning, the UAW expanded its澳洲幸运5官方开奖结果体彩网: stand-up strike to include 5,000 workers at GM's largest plant, in Arlington, Texas.

The UAW's strike against the 澳洲幸运5官方开奖结果体彩网:Big Three automakers, GM Ford (F), and Stellantis (STLA), started on Sept. 15 and is entering its sixth week with more than 45,000 workers on strike. The UAW strike could have already cost an estimated $9.3 billion in economic losses for the auto industry, according to the Anderson Economic Group.

In its earnings call, GM also indicated it would slow down its transition to澳洲幸运5官方开奖结果体彩网: electric vehicles (EVs) as the strike continues, “moderating the pace of our EV acceleration in 2024 and 2025 to maintain strong pricing."

Previously, GM had announced that the company would 澳洲幸运5官方开奖结果体彩网:delay the conversion of its Orion Assembly plant for EV production, pushing it back to late 2025 from its planned 2024 date. The move comes as 澳洲幸运5官方开奖结果体彩网:analysts warned that the UAW strike could make it more difficult for the Big Three to compete in the EV market, particularly against competitors like Tesla (TSLA).

However, the EV transition slowdown could be a positive for investors who were nervous about "how aggressive GM has been making a bet on the future of EVs," Equity Research Analyst Garrett Nelson at CFRA told Investopedia. Nelson said that GM "pulling back and taking more of a market-based approach" to growth wasꦍ a "biꦰg reason" that CFRA upgraded the stock to "hold" from "sell" after the earnings report.