GM takes $3.6B hit from UAW strike

General Motors posted a fourth-quarter loss as the United Auto Workers strike heavily impacted its business.

The Detroit-based automaker lost $194 million, or 16 cents a share, as net revenue fell 19.7 percent from a year ago to $30.8 billion. Adjusted earnings of 5 cents a share topped the 1 cent that analysts expected.

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For the full year, GM earned $6.7 billion, down 17.4 percent from the prior year, including the $3.6 billion hit from the UAW strike. Annual revenue was $137.2 billion, down 6.7 percent from the prior year.

“GM is positioned for strong, long-term business results with a focus on sustainability, and we are confident that our EV and AV strategies will drive shareholder value while improving the environment,” CEO Mary Barra said in a statement, referring to electric and autonomous, or self-driving, vehicles.

Chevrolet and GMC full-size pickups remained the backbone of GM's business in 2019. Combined sales of the Chevrolet Silverado and the GMC Sierra totaled 802,962 vehicles, up almost one percentage point from the prior year.

GM continues to set its sights on a fully electric future. Last week, the automaker said it would relaunch the Hummer as an electric vehicle. In December, the automaker announced a joint venture with LG Chem to produce battery cells at a Lordstown, Ohio, plant.

Looking ahead, GM expects to benefit from new product launches, ongoing cost savings and a lean inventory, but says those gains will be pared by broader industry and economic challenges. New vehicles include a number of full-size SUVs and crossovers.

The automaker sees 2020 full-year earnings of $5.75 to $6.25 a share, unchanged from the prior year.

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General Motors sharesfell 6.1 percent this year through Tuesday.