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Research Alert: Gm Q1 Earnings: A Big Beat And Raise Thanks To Tariff Refund

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

General Motors (GM) posted Q1 adjusted EPS of $3.70 vs. $2.78 (+33%), well ahead of the $2.62 consensus. The beat was supported by stronger-than-expected revenue and margins, as revenue fell 0.9% to $43.62B ($80M ahead of consensus), reflecting a 10.6% drop in global vehicle sales partially offset by higher prices. Excluding a Q1 IEEPA tariff adjustment of $500M, GM's adjusted EBIT of $4.25B was up 22% from $3.49B in the year-ago quarter. In Q1, GM's U.S. market share declined to 16.5% from 17.2% in the prior year; in China, market share fell to 6.9% from 7.6%. GM raised 2026 adjusted EPS guidance to $11.50-$13.50 from $11.00-$13.00, the midpoint of which is above the current consensus of $12.24 and implies 18% Y/Y growth over the $10.60 earned in 2025. Management said the guidance increase is due to tariff refunds from the Supreme Court decision regarding IEEPA. The quarter represented GM's 15th straight bottom-line earnings beat. GM shares are currently trading up 5% on the stronger-than-expected release.

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Research Alert: Strong Execution, Softer Outlook: Record Margins Amid Mixed Signals

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Itron's Q1 2026 results beat consensus with revenue of $587M (vs. $572M estimate) despite a 3% decline and non-GAAP EPS of $1.49 (vs. $1.24 estimate), though down $0.03 Y/Y. Record adjusted gross margin expanded 490 bps to 40.7%, fueled by strong execution and projects ahead of schedule. We view these results as validating the business mix evolution, with Outcomes growing 22% to $96M and service revenues surging 30% across all segments, while the new Resiliency Solutions segment contributed $16M. Q2 guidance of $560M-$570M revenue and $1.25-$1.35 EPS came well below consensus of $606M/$1.46, requiring management clarity on project timing explanations. We believe the declining backlog (down 6% to $4.4B) coupled with Networked Solutions revenue declines represent a worrisome double headwind worth monitoring. However, our long-term thesis remains intact as we see the revenue shift toward AI-powered grid analytics as positive, supported by robust $79M free cash flow and accelerating demand in the Outcomes segment.

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