Companies generate revenue and that revenue is divided between the owners and the workers. The job of the union is to just strengthen the bargaining position of the workers so that they can grab a larger share. What's left over after this happens is a smaller share goes to the stock holders. "Profits" are down. But so what? Profits are the share that goes to the non-working owners, but this doesn't change the total amount of money that the company made. Only the way it was distributed. A more equal distribution of the money earned by a company does a lot of good for the economy overall, and that's what a union helps bring about. This is why the period in US history that saw the strongest overall economic growth was the period for which unions were strong. Stock prices didn't go up that much. Being an owner wasn't quite as lucrative. Still amazing and better than anybody else, but being a worker was a good life too. Everyone was getting a piece of the pie.
So when profits are up in a lot of cases (and I think this is largely the case today with the record profits being seen that are going along with wage stagnation/decline) what this is really saying is bad things are happening. It's not that companies are making more money. They are just distributing that money in a more unequal way, with more going to the top and less going to the bottom. Higher profits should be expected to stall economic growth. The rich spend a smaller share of the money they make and the poor spend more, which does more to spur the economy.
In Michigan they are trying to ram through a right to work provision during this lame duck session. Profits would probably go up if they succeed. Not that we'll make more things and provide more innovation. We'll just let workers keep a smaller share of the pie. So the profits are telling us that the economy is doing poorly and the future will be worse.
Here's what ML King Jr said about "right to work" laws in 1961.
“In our glorious fight for civil rights, we must guard against being fooled by false slogans, such as ‘right to work.’ It is a law to rob us of our civil rights and job rights.
Its purpose is to destroy labor unions and the freedom of collective bargaining by which unions have improved wages and working conditions of everyone…Wherever these laws have been passed, wages are lower, job opportunities are fewer and there are no civil rights. We do not intend to let them do this to us. We demand this fraud be stopped. Our weapon is our vote.”