12/29/2023 0 Comments Paradise lost quotesLawler is expected to discuss the company's reinstated guidance at a Barclays investor conference Thursday morning.įord's update comes a day after GM said it planned to increase its quarterly dividend next year by 33% to 12 cents per share initiate an accelerated $10 billion share repurchase program and reinstate its 2023 guidance to include an estimated $1.1 billion in earnings before interest and tax, or EBIT adjusted, impact from the UAW strikes. "We've got a highly talented team that allocates capital with great discipline, so that we're executing with consistency, generating strong growth and profitability, and are less cyclical," Lawler said in a statement Thursday, citing the company's Ford+ turnaround plan. The company said it plans to cancel or postpone $12 billion in investments related to electric vehicles. Lawler previously said Ford would work to "find productivity and efficiencies and cost reductions throughout the company" to offset the additional costs and deliver on previously announced profitability targets. On Thursday the company updated that impact amount to $1.7 billion, including $1.6 billion in the fourth quarter.įord further confirmed on Thursday that the UAW deal is expected to add about $900 in costs per assembled vehicle by 2028. 26 during the company's third-quarter earnings call.Īt that time, Lawler said the UAW strike had already cost the company $1.3 billion in earnings due to lost production of about 80,000 vehicles, including roughly $100 million during the third quarter. Prior to the UAW strikes, which ended after roughly six weeks, Ford was "poised" to hit its guidance, Chief Financial Officer John Lawler said Oct. GM's impact also included costs related to a new deal with Canadian union Unifor. Crosstown rival General Motors on Wednesday reported a $9.3 billion impact over the length of the agreement. Personal Loans for 670 Credit Score or Lowerįord said the new UAW labor agreement is expected to cost $8.8 billion over the life of the contract, which expires in April 2028. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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