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Labor Issues

DAN

F

Dana Incorporated reported Q3 FY23 sales growth of 5% YoY to $2.669 billion, missing the consensus of $2.695 billion. However, its adjusted EPS of $0.30 beat the analyst consensus of $0.13. The company expects FY23 sales of $10.7 billion if the UAW strike lasts till Oct. 31, but this could drop to $10.2 billion if the strike lasts till Dec. 31. If no resolution is reached by year's end at all its Detroit 3 customers, including Ford Motor Company, Dana anticipates its sales to be approximately $500 million lower.

Portfolio Pulse from Nabaparna Bhattacharya

October 27, 2023 | 4:02 pm

F

GM

STLA

TSLA

Tesla Inc (NASDAQ:TSLA) is facing a labor dispute in Sweden, as the workers' union IF Metall, representing Tesla mechanics, is in a standoff with the company over its refusal to sign a collective agreement. The union is considering industrial action and has decided not to extend its notice to appeal to additional Tesla workers in Sweden. The dispute is primarily about wages, pensions, and insurances. This situation serves as a reminder that labor relations remain a significant challenge for automakers, including Ford Motor Co (NYSE:F), General Motors (NYSE:GM), and Stellantis (NYSE:STLA), both domestically and internationally.

Portfolio Pulse from Benzinga EV Insights

October 27, 2023 | 3:01 pm

UNP

Union Pacific has developed a more competitive service from Mexico to Southeast US in partnership with Ferromex and Eastern Interline Partners. The company plans to spend $3.7B on capital investments this year. New labor agreements will significantly impact costs.

Portfolio Pulse from Happy Mohamed

October 27, 2023 | 2:51 pm

F

Ford Motor Co (NYSE:F) will continue to focus on combustion engine vehicles and hybrids while scaling its EV business, according to CEO Jim Farley. The company will delay its $12 billion EV investment, including its EV battery plant in Kentucky. Despite a loss in earnings before interest and taxes of $1.3 billion in Q3, Ford remains bullish on its EV future. The company withdrew its full-year guidance due to uncertainty over a new workers' contract with the United Auto Workers union.

Portfolio Pulse from Anan Ashraf

October 27, 2023 | 12:45 pm

NWL

Newell Brands Inc. is planning a restructuring that will result in the elimination of approximately 13% of office positions.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 12:44 pm

MDNA

Medicenna Therapeutics Corp. has announced that it will be delisted from Nasdaq and will be reducing its management team. The company has not provided any specific reasons for these changes.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 12:19 pm

DAN

Dana Incorporated has revised its FY23 adjusted EPS forecast to $0.80 if the ongoing strike ends by Oct. 31. However, if the strike continues through Dec. 31, the company expects its FY23 adjusted EPS to drop to $0.30, significantly lower than the previous estimate of $0.81. The prior view was $0.65-$1.05.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 11:19 am

DAN

Dana Incorporated has revised its FY23 sales forecast due to the ongoing UAW strike. The company expects sales of $10.7B if the strike lasts until October 31, and $10.2B if the strike continues until December 31. This is compared to the previous estimate of $10.68B and the prior view of $10.45B-$10.95B.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 11:16 am

AMZN

Under CEO Andy Jassy, Amazon Inc. (NASDAQ:AMZN) has seen its profit margins nearing record highs due to cost-cutting strategies. Jassy has eliminated 27,000 jobs, cut risky ventures, and transformed Amazon’s fulfillment network. Revenue from advertising services surged 26%, exceeding $12 billion. The third-quarter earnings report disclosed an operating margin of 7.8%, the highest since a record of 8.2% in Q1 2021. Despite a slowdown in AWS revenue growth, Amazon’s stock rose by over 5% to $125.98.

Portfolio Pulse from Benzinga Neuro

October 27, 2023 | 9:44 am

TSLA

IF Metall, a Swedish trade union, has announced a strike at Tesla's facilities in Sweden. The strike could potentially disrupt Tesla's operations and production in the region.

Portfolio Pulse from Charles Gross

October 27, 2023 | 8:50 am