Hyundai Motor Q3 net profit dives 68 percent on U.S. recall costs

Hyundai Motor union stages first full strike in 12 years
Picture for representation Reuters

Hyundai Motor posted a 68 percent plunge in quarterly net profit, missing an analyst consensus by a large margin, as U.S. recall costs weighed. Third-quarter net profit came in at 269 billion won ($236.14 million), compared with 852 billion won booked in the same period a year earlier.

That missed a SmartEstimate of 831 billion won, according to Refinitiv data.

Operating profit slumped 76 percent to 289 billion won in the quarter while sales rose 1 percent to 24.43 trillion won.