Ford Motor (F), Cummins (CMI), and Mattel (MAT) are the latest companies to pull their revenue and earnings guidance for the rest of 2025 because of uncertainty introduced by the Trump tariffs.
All three companies withdrew guidance for future quarters after announcing solid earnings in their reports for the first quarter of 2025.
Ford cut said it expected tariffs to add $2.5 billion to its overall costs this year–largely due to the increasing costs of imports from Mexico and Canada. But it plans to cut about $1 billion of those costs. The carmaker said the tariffs had caused “industrywide supply chain disruption” and created uncertainty. It added: “These are substantial industry risks, which could have significant impacts on financial results, and that make updating full-year guidance challenging right now given the potential range of outcomes. Ford said that while its business is strong and “tracking within” its previous adjusted EBIT (earnings before interest and taxes) range of $7 billion to $8.5 billion pre-tariffs, auto import and parts tariffs will have a “net adverse” impact of $1.5 billion in adjusted EBIT for 2025.
Cummins, the dominant maker of engines for heavy trucks, reported earnings per share of $5.96 in the first quarter, compared with the consensus forecast of $4.85 compiled by FactSet. Revenue came in at $8.174 billion, compared with the $8.175 billion analyst consensus.
But Cummins withdrew its 2025 guidance. CEO Jennifer Rumsey cited “growing economic uncertainty driven by tariffs.”
Chief financial Officer Mark Smith told analysts that the tariffs could drive up costs for inputs they get from China, Mexico, and other countries. “Where we incur them, we’ll be looking to pass them on,” Smith said.
Toymaker Mattel withdrew its forecast for a return to sales growth in 2025, citing President Donald Trump’s plan to impose tariffs on imported toys. The company, which reported better-than-expected first-quarter results, predicted in February that sales of Barbie dolls, Hot Wheels cars and other toys would grow as much as 3% in 2025, snapping three years of flat or declining revenue. Earnings were also projected to rise. Instead, with in its May 5 ’s first-quarter report, the company said it’s “pausing” its full-year guidance “given the volatile macro-economic and evolving US tariff situation.”
Mattel manufactures less than 40% of its products in China, which Trump has hit with a 145% tariff on exports to the United States. “We are taking mitigating action that is designed to offset the potential impact,” CEO Ynon Kreiz said. The company increased its 2025 cost-savings target to $80 million from $60 million, is diversifying its supply chain and will increase prices on some toys. On a conference call with investors, CFO Anthony DiSilvestro said that the incremental impact on the company’s expenses this year at the current tariff levels would be $270 million, which Mattel expects to fully offset. Kreiz also said on the call with investors that Mattel expected to buy less than 15% of its toys sold in the US from China by 2026, and less than 10% by 2027.
In the first quarter sales grew 2.1% to $826.6 million, beating analysts’ projections for $788.6 million. The company’s adjusted loss narrowed to 3 cents a share and was smaller than the 10-cent loss analysts expected on average. Mattel said it still plans to repurchase $600 million in stock this year, with $160 million already bought back in the first quarter.
