-- ゼネラルモーターズ（GM）は火曜日、第1四半期決算で予想外の前年同期比増益を記録したことを受け、通期業績見通しを引き上げ、関税影響予測を下方修正した。 同社は2026年の調整後1株当たり利益を、従来の11～13ドルから11.50～13.50ドルに上方修正した。ファクトセットのアナリスト予想コンセンサスは、非GAAPベースの1株当たり利益が12.20ドルとなっている。 GMは、今年度の関税関連費用を従来の30億～40億ドルから25億～35億ドルに下方修正した。これは、2月に米国最高裁判所がトランプ大統領による国際緊急経済権限法に基づく報復関税を無効とした判決に関連する5億ドルの有利な調整によるものだ。 同社は決算説明会で、国際緊急経済権限法（IEEPA）に基づく調整後の現金還付時期が不確実であるため、通期の自動車事業の調整後フリーキャッシュフロー予測レンジを90億ドルから110億ドルに据え置くことを決定したと述べた。 ウェドブッシュ証券は顧客向けレポートで、「メアリー・バーラ最高経営責任者（CEO）率いるGMは、非常に困難な関税と（電気自動車）環境を乗り切りながら、利益率の高い代替収益源を活用して利益率の安定化を図っている」と指摘した。同証券はGM株の投資判断を「アウトパフォーム」に据え置いた。 GMは3月期の調整後1株当たり利益（EPS）を3.70ドルと発表し、前年同期の2.78ドルから増加した。これは、市場予想の2.60ドルへの減少を覆す結果となった。売上高は0.9%減の436億2000万ドルだったが、アナリスト予想平均の435億1000万ドルを上回った。 バーラCEOは株主宛書簡で、「2026年第1四半期、ゼネラルモーターズは再び力強い業績を達成した」と述べた。 「当社のコア事業は堅調な勢いを維持しています。」 北米の売上高は2025年第1四半期に364億ドルとなり、前年同期の373億9000万ドルから減少しました。一方、海外売上高は28億6000万ドルとなり、前年同期の24億3000万ドルから増加しました。連結車両販売台数は前年同期の145万台から129万台に減少し、米国市場での販売台数は69万3000台から62万6000台に減少しました。 「当社は明らかに非常にダイナミックな環境下で事業を展開していますが、これはこの業界では珍しいことではありません」とバーラCEOは述べています。「だからこそ、当社は長期目標を達成するために、適切な製品、適切なチーム、そして健全なキャッシュフローに支えられた強固なバランスシートを確保することに、複数年にわたり注力してきました。」
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