economy
GM bests Wall Street expectations with incoming $500 million tariff refund
General Motors reported first-quarter earnings of $3.70 per share on Tuesday, significantly beating the expected $2.62-per-share figure laid out by Wall Street analysts.
TL;DR
- GM reported first-quarter earnings of $3.70 per share, surpassing Wall Street's estimate of $2.62 per share.
- The earnings increase is attributed to an anticipated $500 million tariff refund following a Supreme Court ruling.
- GM raised its full-year EBIT-adjusted guidance by $500 million to a range of $13.5 billion to $15.5 billion.
- First-quarter revenue was $43.62 billion, slightly below the expected $43.68 billion and down 1% from the previous year.
- President Trump indicated he would 'remember' companies that do not seek tariff refunds, with GM expecting to receive one.
- New tariffs under the Trade Act are replacing those struck down by the Supreme Court and are set to expire on July 24.