GM Warns ‘Across the Board’ Inflation to Put a Damper on Profit

General Motors Co. flagged the war in Iran is fueling higher-than-expected costs, injecting some caution into the automaker’s outlook even as it raised its full-year profit forecast.

GM now expects commodity inflation to set back adjusted earnings by as much as $2 billion this year, up from no more than $1.5 billion previously, the automaker said Tuesday as it reported a first-quarter profit that topped estimates. Higher costs are hitting GM “across the board,” Chief Financial Officer Paul Jacobson said, pointing to aluminum, steel, transportation and logistics.