Ford Issues New FY23 Outlook Post UAW Strike

(RTTNews) - Automobile major Ford Motor Co. (F) Thursday announced that it is issuing a new outlook for the fiscal 2023 post the UAW strike that ended on October 30.

Ford withdrew its previous guidance of adjusted EBIT to be between $11 billion and $12 billion in the light of the strike that began on September 15.

As a new labor agreement has been reached, the motor company now expects full-year adjusted EBIT to range from $10.0 billion to $10.5 billion.

This includes $1.7 billion in strike-related lost profits, $1.6 billion of that from the fourth quarter owing to interruptions in production of high-margin trucks and SUVs and sales of vehicles being about 100,000 units lower than planned.

The automobile firm plans to report fourth-quarter and full-year results on February 6, 2024, and provide its guidance for fiscal 2024 as well.

In pre-market activity, Ford shares are trading at $10.70 up 1.04% on the New York Stock Exchange.