General Motors beats estimates with FY figures, warns of potential tariff impacts in FY25.
Automotive giant General Motors beat Wall Street estimates on both the top and bottom lines but warned that headwinds from the Trump administration could weigh on future profits.
Source: Sharecast
General Motors reported a FY adjusted net income of $12.1bn on Tuesday, coming in ahead of its 2022 record of $11.0bn, and said net income for the year came to $6.0bn, weighed down by a Q4 loss due to Chinese restructuring costs and plans to discontinue its fleet of driverless robotaxis.
However, despite expecting even better operating results in FY25, GM cautioned that tariffs on imports from Canada and Mexico, which provide parts to its US plants, could disrupt its supply chain and increase the cost of assembling cars and trucks.
As of 1500 GMT, General Motors shares were down 8.21% at $50.41 each.
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
