Ford stock (F) is sliding in early trade, down over 7% after the automaker reported mixed third quarter earnings, following the tentative deal reached with the United Auto Workers (UAW) on a labor contract. However due to the effects of the labor stoppage, Ford joined cross-town rival GM in pulling its full-year guidance, and was cautious on the the future of its EV investments as customers balk at high prices.

For the quarter, Ford reported top-line revenue of $43.8 billion vs $41.21 billion estimated, which was nearly an 11% improvement from a year ago but a dip from the $45.0 billion reported in Q2. Ford posted adjusted earnings per share of $0.39 vs $0.47 estimated and adjusted EBIT of $2.2 billion.

In terms of guidance, Ford said through Q3 it had earned $9.4 billion in adjusted EBIT toward its full-year range of $11 billion to $12 billion it affirmed in late July. "However, given effects of the UAW strike and with ratification of the tentative agreement with the union that was announced Wednesday night pending, Ford is withdrawing its guidance for full-year 2023 operating results," the company said in a statement.

Labor deal aside, Q3 marked the third time Ford reported performance across its three main business lines — Ford Blue for gas-powered cars, Ford Model e for its EV business, and Ford Pro for its commercial and Super Duty trucks business. Ford reported the following:

• Ford Blue

  • Revenue: $25.6 billion vs. $23.93 billion est.

  • EBIT: $1.72 billion vs. $1.94 billion est.

• Ford Model e

  • Revenue: $1.8 billion vs. $2.34 billion est.

  • EBIT loss: $1.33 billion vs. $1.27 billion est.

• Ford Pro

  • Revenue: $13.8 billion vs. $14.65 billion est.

  • EBIT: $1.65 billion vs. $2.16 billion est.

For its Model e EV business, Ford said the loss in the segment was attributable to investments in next-gen vehicles, but signaled problems remain with its current-gen EVs. "Many North America customers interested in buying EVs are unwilling to pay premiums for them over gas or hybrid vehicles, sharply compressing EV prices and profitability," the company said in a statement.

Furthermore, Ford CFO John Lawler said the company would "push out" $12 billion in EV investments when that capacity is needed, though he did say it was "full speed ahead" for its upcoming Blue Oval City EV plant in Tennessee. Earlier this year Ford projected a $4.5 billion loss for the unit in 2023, but did not update this projection in its statement today.

Earlier this month Ford reported US Q3 sales of 500,504 units, up 7.7% from a year ago, powered by F-Series truck sales, which rose 13.4% compared to Q3 last year. Ford noted that hybrid sales jumped 41.4% and EV sales also climbed 14.8%.

In terms of its labor costs, the UAW said its tentative agreement with Ford includes a 25% base wage increase through April 2028 and will cumulatively raise the top wage by over 30% to more than $40 an hour and raise the starting wage by 68%, to over $28 an hour. The lowest-paid workers at Ford will see a raise of more than 150% over the life of the agreement, with some workers receiving an 85% increase immediately upon ratification.

The UAW also revealed COLA (cost-of-living allowance) provisions were reinstated, along with a new three-year wage progression scale (previously it was eight years), as well as the end of wage tiers. The union said it secured gains for workers with pensions and 401(k) plans but did not reveal specifics.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance