GM Tops Q1 Estimates, Postpones Call Amid Report of Auto Tariff Changes

General Motors (GM) on Tuesday reported better first-quarter results than analysts had expected, but postponed earnings call by two days amid uncertainty about auto tariffs.

The Chevrolet and Cadillac maker recorded adjusted earnings per share (EPS) of $2.78 on revenue that increased 2.3% year-over-year to $44.02 billion. Analysts had expected $2.70 and $42.85 billion, respectively.

GM also postponed updating its full-year guidance and its earnings call until Thursday, citing “recent reports regarding updates to trade policy.” Last quarter, the company said it expected both EPS and adjusted EPS to come in between $11 and $12 this year, which assumed a “stable policy environment in North America.”

Changes to Auto Tariffs Likely, WSJ Reports

The automaker likely was referencing a Monday night report from The Wall Street Journal that said the Trump administration likely would announce changes to its tariffs on the automobile industry as early as Tuesday. According to the report, automakers wouldn’t have to pay other tariffs like those on steel and aluminum on top of the existing auto duties, and the tax on imported auto parts likely would be modified.

Analysts have said consumers might be “panic buying” automobiles to get ahead of the impact of tariffs, which experts say could drive prices of cars, parts, and even car insurance higher in the coming months. GM earlier this month said it had its best first quarter of sales since in seven years, with growth across all of its vehicle brands.

Shares were down 2.5% shortly after Tuesday’s report. They entered the day down just over 10% since the start of the year.