General Motors (GM, Financials) topped Wall Street expectations for Q1 2025 but pressed pause on buybacks and called its full-year forecast unreliable due to mounting uncertainty around new U.S. auto tariffs.

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The Detroit-based automaker posted $2.78 in adjusted earnings per share, ahead of the $2.74 consensus estimate. Revenue rose to $44.02 billion, up slightly from $43.01 billion a year earlier, also ahead of the $43.05 billion forecast.

Full-year guidance issued in January projected net income of $11.2 billion to $12.5 billion and adjusted EPS between $11 and $12. That forecast did not account for President Trump's tariffs, which now include a 25% levy on imported vehicles effective April 3.

CFO Paul Jacobson said GM is reassessing its financial projections due to the expected "significant" impact of tariffs and broader industry uncertainty. While the company has not withdrawn its forecast, it has warned investors not to rely on the earlier guidance.

Jacobson also confirmed the company will halt additional share repurchases after completing a $2 billion accelerated program in Q2. Capital expenditures remain unchanged for now, but future investments may shift depending on tariff clarity.

The evolving tariff landscape under Trump's second term poses cost risks for U.S. automakers. GM is navigating levies on steel, aluminum, and imported vehicles, with potential new duties on auto parts by May 3. The Wall Street Journal reported that the administration may offer partial tariff reimbursements for domestic manufacturers, easing some of the pressure.

Investors will watch Thursday's earnings call closely as GM outlines its next moves under the shifting policy environment and evaluates the ripple effects across its North American supply chain.

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