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Tariff Impact Tracker from Earnings Calls

Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.

Huntington Bancshares Incorporated

HBAN2025-04-17Financial ServicesNorth America
Negative

some of what we finance gets imported and decisions to defer.

Operations
Concerns regarding import restrictions and tariffs affecting the timing of equipment financing.

KeyCorp

KEY2025-04-17Financial ServicesNorth America
Neutral

Based on our top-down view of our industry concentrations, we believe this direct exposure will prove to be limited.

Operations
The company is conducting a name-by-name review of clients to assess potential exposure to tariffs.
Cost Impact
The uncertainty from tariffs has caused clients to pause transactional activity, which could affect business operations and revenue generation.

Regions Financial Corporation

RF2025-04-17Financial ServicesNorth America
Neutral

it is too early to assess the full impact tariffs will ultimately have on loan demand.

Revenue Impact
Customers are delaying investment decisions pending further clarity on tariffs, which may affect loan demand and revenue growth.
Operations
Current uncertainty around tariffs has led customers to adopt a wait-and-see approach before engaging in investments or strategic decisions.

Truist Financial Corporation

TFC2025-04-17Financial ServicesGlobal
Negative

we have been actively analyzing our exposure to consumer and wholesale clients that we believe will be most impacted by tariffs, potential reductions in government spending and more severe economic scenarios.

Financial Impact
Concerns about clients' exposure to tariffs could impact credit quality and overall financial performance.

Schwab

SCHW2025-04-17Financial ServicesNorth America
Positive

We saw our two highest trading days ever, the Friday before the pausing of the tariffs and then the day that we paused tariffs.

Revenue Impact
Increased trading volumes due to market activity surrounding tariff changes.
Operations
Improved engagement levels with clients as they navigate market volatility related to tariffs.

Blackstone

BX2025-04-17Financial ServicesGlobal
Negative

Uncertainty around tariffs and their potential impact on economic growth and inflation has dramatically impacted investor sentiment.

Cost Impact
Tariffs are likely to drive up construction costs in real estate, reducing new supply.
Revenue Impact
Potential material impact to a relatively small group of portfolio companies could affect overall revenues.
Supply Chain
First order impact limited, but second order effects from tariffs may disrupt supply chains and corporate earnings.
Guidance Impact
The complex situation surrounding tariffs creates uncertainty that may influence future guidance and performance expectations.

Forestar Group Inc.

FOR2025-04-17Real Estate / Land DevelopmentNorth America
Neutral

I think it's too early to tell. Again, I think, you know, as we scale our business and we continue to build relationships, I think it's going to give us the ability to either hold pricing or see limited impacts to tariffs.

Cost Impact
Tariffs have not resulted in significant cost increases thus far, with no immediate impact observed.

Badger Meter

BMI2025-04-17ManufacturingNorth America
Negative

We could face import tariff exposure on electronics and related components from China, Southeast Asia, and Israel...

Cost Impact
Higher tariff-related input costs for US-manufactured products due to tariffs on imported electronics.
Revenue Impact
Potential need for targeted pricing offsets to manage increased costs, which could affect overall revenue.

Fifth Third Bancorp

FITB2025-04-17Financial ServicesGlobal
Negative

the only way they really have to respond in the near to medium term is to push prices.

Cost Impact
Clients anticipate needing to raise prices to cover the costs associated with tariffs.
Revenue Impact
Potential volume losses in foreign markets may affect revenue from clients with international supply chains.
Supply Chain
Companies are diversifying away from China, impacting their supply chain strategies.

Marsh McLennan

MMC2025-04-17InsuranceGlobal
Negative

Ongoing trade negotiations will continue to create challenges for businesses and this has led to reduced consumer and business confidence.

Cost Impact
Tariffs would likely be inflationary to the overall cost of risk.
Revenue Impact
Global GDP may slow at least until there's some resolution, impacting revenue growth.

UnitedHealth Group

UNH2025-04-17HealthcareGlobal
Neutral

we feel pretty well positioned for that, Andrew.

Cost Impact
Potential exposure to pharmaceutical tariffs is mitigated by price protection mechanisms in existing contracts.

D.R. Horton

DHI2025-04-17ConstructionNorth America
Neutral

But feel very good about our supply chain today and about our labor force today, and we'll just take whatever comes out of the tariffs as it comes at us once it settles down.

Cost Impact
Potential cost increases from tariffs affecting material prices.
Supply Chain
Ongoing management of supplier relationships to mitigate tariff impacts.

Texas Capital Bancshares, Inc.

TCBI2025-04-17BankingGlobal
Negative

Recent tariff actions and resulting volatility in the financial markets could manifest in changes to client confidence, affecting hiring, capital investment, and M&A.

Revenue Impact
Potential decrease in client activity and confidence due to tariffs may affect revenue from capital investments and M&A.
Operations
Increased uncertainty in the macroeconomic environment could hinder operational decisions for clients.

Snap-on

SNA2025-04-17AutomotiveNorth America
Negative

the effects of the last quarter on the general populace with popped off by the tariffs were so pervasive that they outran our progress in those things.

Cost Impact
Tariffs are creating a fog of uncertainty affecting technician confidence and overall market sentiment.
Revenue Impact
The pervasive impact of tariffs has led to a decline in organic sales rates and consumer spending.

Ally Financial

ALLY2025-04-17Financial ServicesNorth America
Neutral

While we expect some near-term volatility stemming from the changes in trade policy, we are well-positioned to effectively serve our customers and will benefit from a stronger economy in the long term.

Strategy
The company is strategically positioned to manage the impact of tariffs and navigate macroeconomic uncertainties.
Operations
The company has made operational changes to improve effectiveness in collections and overall business management.

American Express

AXP2025-04-17Financial ServicesNorth America
Negative

I think small businesses might be the ones that would be impacted first.

Revenue Impact
Potential decrease in spending from small businesses due to increased costs from tariffs.

ManpowerGroup

MAN2025-04-17Staffing and RecruitmentGlobal
Negative

Uncertainty is really mostly reflected in the perm numbers that we think are going to be a little bit softer.

Guidance Impact
The overall staffing numbers are stable, but permanent hiring is expected to soften due to trade policy uncertainty.
Cost Impact
Increased caution from clients leads to reduced demand for permanent recruitment, impacting overall profitability.

First Industrial Realty Trust, Inc.

FR2025-04-17Real EstateGlobal
Negative

We're monitoring the developments and their potential impact on business activity and the leasing market.

Operations
Decision-making on new investments in growth is affected by uncertainty surrounding tariffs.
Guidance Impact
The ongoing tariff negotiations could further impact the operating environment and tenant demand.

Banner Corporation

BANR2025-04-17BankingNorth America
Negative

Tariffs will have a negative impact to West Coast businesses and the local economies.

Cost Impact
Increased costs for small businesses unable to absorb the impact of tariffs.
Revenue Impact
Reduced demand and overall market disruption anticipated due to tariffs.
Supply Chain
Potential supply chain issues affecting the ability of businesses to operate efficiently.
Operations
Increased operational challenges for businesses facing higher costs and reduced consumer spending.
Financial Impact
Overall financial uncertainty leading to cautious lending practices and potential increases in delinquencies.

Cohen & Steers

CNS2025-04-17Investment ManagementGlobal
Negative

The April second tariff announcements represented just such a surprise. And in our view will lead to a meaningful stagflationary impact on the US, at least in the short run.

Financial Impact
Tariffs are expected to increase uncertainty and could boost recession odds, negatively impacting financial markets.
Revenue Impact
Estimates suggest that S&P 500 earnings could decline by around 10% due to tariffs, while real assets like infrastructure are less affected.
Operations
Business decision-making is expected to slow or cease entirely due to the uncertainty created by the tariffs.

Rexford Industrial Realty, Inc.

REXR2025-04-17Real EstateNorth America
Negative

Since the recent tariff announcements, we have seen some tenants defer decision making amid increased economic uncertainty.

Operations
Tenants are delaying decisions due to uncertainty caused by tariffs.
Guidance Impact
Projected lease-up timing has increased due to tariff disruption.

Synovus

SNV2025-04-17Financial ServicesNorth America
Negative

20% of our clients felt increased tariffs would have a meaningful impact on their respective businesses.

Cost Impact
Clients expect increased input costs due to tariffs, potentially leading to lowered margins.
Revenue Impact
Uncertainty surrounding tariffs may affect business activity and revenue growth.

Liberty Energy Inc.

LBRT2025-04-17EnergyNorth America
Neutral

We are actively assessing the implication of tariffs across our business and have already begun mitigation efforts.

Cost Impact
Modest tariff-related inflationary impacts on engines and other equipment components, some of which are being offset by lower prices or volume discounts.
Supply Chain
Redirecting internationally sourced chemicals to either domestic sources or countries that are less impacted by global tariffs.

Triumph

TRIUM2025-04-17TransportationNorth America
Negative

there's a lot of uncertainty around tariffs. That uncertainty creates opportunities for us.

Cost Impact
The uncertainty surrounding tariffs may lead to increased costs and revenue headwinds in the factoring segment.

SL Green Realty Corp

SLG2025-04-17Real EstateNorth America
Neutral

We haven't seen a slowdown yet. We haven't seen any commentary from the marketplace and we haven't seen any pullback from any decisions in our portfolio yet.

Operations
The company is monitoring tenant activity and has not observed a slowdown in leasing despite market disruptions related to tariffs.

F.N.B. Corporation

FNB2025-04-17Financial ServicesNorth America
Neutral

According to our findings, F.N.B. remains well-positioned at this point with manageable exposure to the most heavily tariff impacted businesses and consumer portfolios.

Financial Impact
Proactive assessments were conducted on loan portfolios to manage potential risks related to tariffs.
Operations
The credit team conducted a survey to identify risks associated with tariff policies and implemented monitoring strategies.

Bank OZK

OZK2025-04-17Financial ServicesNorth America
Neutral

It's a mathematical problem. It's not necessarily a deal killer.

Operations
Tariffs have introduced uncertainty causing delays in decision-making for deals.

Abbott Laboratories

ABT2025-04-16HealthcareGlobal
Negative

we estimate the tariff impact in 2025 to be a few hundred million dollars.

Financial Impact
The tariffs are expected to have a financial impact estimated at a few hundred million dollars, affecting the overall balance sheet and P&L.
Supply Chain
Abbott is leveraging its global manufacturing network to mitigate the impacts of tariffs through strategic adjustments.

Kinder Morgan

KMI2025-04-16EnergyNorth America
Neutral

At this point, we did not believe that the tariffs will have a significant impact on project economics.

Cost Impact
Estimated tariff impact is roughly 1% of project costs; mitigated by preordering equipment and securing domestic steel.

Autoliv Inc

ALV2025-04-16AutomotiveNorth America
Negative

We remain cautious about the remainder of the year, as we navigate the complexities of tariffs and other economic factors.

Cost Impact
Tariff costs need to be passed on to end consumers, leading to higher vehicle prices.
Operations
The instability and magnitude of the tariffs have placed the automotive industry in a challenging position.
Strategy
Strategic measures are being implemented to mitigate the effects of U.S. tariffs.
Financial Impact
Higher vehicle prices from tariffs could potentially impact consumer demand and light vehicle production.

The Travelers Companies, Inc.

TRV2025-04-16InsuranceNorth America
Neutral

Assuming the tariffs as they've been announced remain in place and are largely passed through, we'd expect somewhere around a mid-single-digit increase to PI auto severity.

Cost Impact
A one-time increase in physical damage repair costs for private passenger auto due to tariffs.

CSX Corporation

CSX2025-04-16TransportationNorth America
Neutral

We're closely watching the daily changes in trade and tariff policy.

Guidance Impact
Uncertainty in trade and tariff policies makes it difficult to project reasonable revenue ranges.
Supply Chain
Navigating elevated levels of macro uncertainty and trade policy shifts impacts supply chain efficiency.

Alcoa Corporation

AA2025-04-16Metals & MiningNorth America
Negative

We are now subject to 25% tariff cost, which totals an estimated $400 to $425 million annually.

Cost Impact
The U.S. Section 232 tariffs have increased costs significantly for aluminum imports from Canada.
Financial Impact
The net annual result of the tariffs is approximately $100 million negative for Alcoa's business.
Guidance Impact
Expecting performance to be unfavorable by approximately $105 million due to U.S. Section 232 tariff costs on imports.

Citizens Financial Group

CFG2025-04-16Financial ServicesNorth America
Negative

The basis for our full year guide had anticipated some choppiness in the first half of the year tied to the rollout of tariffs.

Guidance Impact
The rollout of tariffs is expected to cause uncertainty, impacting loan demand and deal activity.
Operations
Increased line utilization in corporate banking may be partly attributed to pre-tariff inventory builds.
Financial Impact
Potential risks associated with economic uncertainty and slower loan growth linked to tariff-related impacts.

U.S. Bancorp

USB2025-04-16Financial ServicesNorth America
Negative

the allowance this quarter also included some incremental qualitative reserves to reflect increased tariff-induced macroeconomic uncertainty.

Financial Impact
Increased reserves due to uncertainties related to tariffs affecting credit quality.

Fulton Financial Corporation

FULT2025-04-16Financial ServicesNorth America
Negative

We're looking at the credit portfolio. You know, working through, making sure we understand potential tariff impact.

Cost Impact
Potential increase in costs due to tariffs affecting commodity prices and procurement.
Revenue Impact
Concerns about how tariffs may impact growth and margins for certain portfolios.

United Airlines Holdings

UAL2025-04-16AerospaceGlobal
Neutral

We are closely monitoring the potential impact on the prices we would pay for aircraft.

Cost Impact
Potential increase in aircraft purchase costs due to tariffs.
Revenue Impact
No significant direct impact from tariffs relating to aircraft purchases anticipated.

Prologis

PLD2025-04-16Real Estate Investment Trust (REIT)Global
Negative

we would have raised our expectations for 2025. Instead, we are electing to maintain earnings guidance as there are no policy conclusions right now to plan differently

Guidance Impact
Maintaining earnings guidance due to uncertainty from global tariffs
Supply Chain
Instability from tariffs is disrupting logistics and supply chains, slowing decision-making
Cost Impact
Price increases may be passed through to consumers, but margins will still come under pressure

First Horizon

FHN2025-04-16BankingNorth America
Negative

the impacts of tariffs and related policies contribute to a wait-and-see mindset among many.

Operations
Increased uncertainty affecting borrower decision-making and potentially leading to reduced loan activity.
Cost Impact
Potential increased costs for borrowers due to tariffs may impact their ability to invest and borrow.

J.B. Hunt Transport Services, Inc.

JBHT2025-04-15TransportationGlobal
Neutral

We recognize there are a lot of questions right now about how tariffs may impact the market.

Revenue Impact
Tariffs have the potential to impact both supply and demand, leading to uncertain revenue outcomes.
Supply Chain
Customers are considering changes to their country of origin sourcing due to tariff uncertainties.

Citi

C2025-04-15Financial ServicesGlobal
Negative

Well, it would dampen economic activity here in the US and abroad. Cross-border trade flows will change.

Revenue Impact
Persistent high tariffs are expected to negatively affect economic activity and alter cross-border trade.
Supply Chain
Tariffs may require clients to reconfigure their supply chains, leading to increased demand for Citi's services.

The PNC Financial Services Group, Inc.

PNC2025-04-15Financial ServicesGlobal
Negative

If these tariffs are implemented as proposed and remain in effect for an extended period, it's quite possible the probability of a recession will go up.

Guidance Impact
Uncertainty of proposed tariffs may pressure non-interest income throughout the year.
Financial Impact
Potential tariffs could lead to increased economic volatility, affecting client activity and credit quality.

Omnicom Group Inc.

OMC2025-04-15Marketing and AdvertisingGlobal
Negative

As we look at the especially in the next ninety days. And how some of these tariffs and other moves get negotiated or do they stay in place?

Guidance Impact
Uncertainty surrounding tariffs is causing conservatism in revenue guidance adjustments.

Albertsons Companies

ACI2025-04-15GroceryNorth America
Neutral

We procure more than 90% of our products domestically, so that's a very different position than some of the competitive set out there.

Cost Impact
While the majority of products are sourced domestically, there are still impacts from ingredients sourced from tariff-affected areas.
Supply Chain
A task force has been deployed to understand and mitigate the complexities related to tariffs as they evolve.

Hancock Whitney Corporation

HW2025-04-15BankingNorth America
Negative

The somewhat pause that we're seeing from larger organizations and medium-sized organizations due to the tariff concerns last all through the quarter.

Revenue Impact
Tariff concerns are causing a slowdown in loan production, pushing potential growth into later quarters.
Operations
Customer behavior is cautious, leading to delays in closing deals and impacting overall operations.

Interactive Brokers Group

IBKR2025-04-15Financial ServicesGlobal
Neutral

We do not yet see any decrease in the appetite of our non-US clients for opening an account and trading mostly US markets.

Guidance Impact
While tariffs may affect investor sentiment, current demand for US stocks from non-US clients remains strong.

FB Financial Corporation

FBK2025-04-15BankingNorth America
Neutral

We're monitoring markets, tariff policy, tax rules, regulatory requirements, and we'll react as necessary to steer our company.

Guidance Impact
Management is assessing the economic uncertainty surrounding tariffs and their potential impact on business operations and loan growth.

Pinnacle Financial Partners

PNFP2025-04-15Financial ServicesNorth America
Neutral

Our credit officers are working their portfolios, trying to understand what tariffs or a protracted trade war could do to our portfolio.

Financial Impact
Potential need to build reserves due to stress in the trucking sector affected by tariffs.
Operations
Credit officers focused on assessing the impact of tariffs on various client sectors.

Bank of America

BAC2025-04-15Financial ServicesGlobal
Negative

clients are simply waiting on more clarity on trade policy and the regulatory environment before committing to deals.

Revenue Impact
Uncertainty around tariffs is affecting client decision-making, leading to reduced deal commitments.
Operations
The bank is closely monitoring the impact of trade policy changes on client behavior and business strategy.

Johnson & Johnson

JNJ2025-04-15HealthcareGlobal
Negative

What's included in the $400 million, and again, that is primarily MedTech tariffs at this point.

Cost Impact
The company expects a $400 million cost impact from tariffs primarily related to MedTech products, affecting gross margins.
Financial Impact
Tariff-related costs are expected to be reflected on the balance sheet in inventory and will affect future P&L periods.

Goldman Sachs

GS2025-04-14Financial ServicesGlobal
Negative

the prospect of a recession has increased with growing indications that economic activity is slowing down around the world. This uncertainty around the path forward and fears over the potentially escalating effects of the trade war have created material risks to the US and global economy.

Financial Impact
Increased uncertainty due to trade policy could lead to reduced client investment and transaction activity, affecting overall financial performance.
Operations
Clients are concerned about the impact of trade policies on their business strategies, which may affect Goldman Sachs' ability to execute transactions.

M&T Bank

MTB2025-04-14Financial ServicesNorth America
Negative

The ultimate impact on tariffs on the broader economy remains unknown at this point.

Operations
Customers are on pause regarding investments and acquisitions due to lack of confidence stemming from tariff uncertainties.
Revenue Impact
Potential delays in capital expenditures by business customers affecting loan growth.

Applied Digital

APLD2025-04-14TechnologyNorth America
Neutral

Importantly, our construction remains on schedule for our first building and we expect it to be ready for service and ready to begin generating revenue in the calendar fourth quarter of 2025. Nearly all the equipment for this building is landed, giving us not only confidence in the schedule, but it also means tariffs will not materially impact our build cost.

Cost Impact
Tariffs are not expected to materially impact build costs due to timely equipment landing.

JPMorgan Chase

JPM2025-04-11Financial ServicesGlobal
Negative

the main thing that we see there is what would appear to be a certain amount of front-loading of spending ahead of people expecting price increases from tariffs.

Operations
Corporate clients are focusing on optimizing supply chains and responding to current tariff-related uncertainties.
Strategy
Corporate clients are shifting focus from strategic priorities to short-term adjustments due to changes in trade policy.

BNY

BNY2025-04-11Financial ServicesGlobal
Negative

Last week's tariff announcements were clearly part of a broader strategy and an effort to reset trade relations between the US and the rest of the world.

Financial Impact
Uncertainty about tariffs has created elevated risks in the near and medium term, potentially impacting financial performance.
Guidance Impact
The uncertainty in trade policies is likely to affect future guidance and strategic decisions.

Fastenal

FAST2025-04-11IndustrialNorth America
Negative

We're being very thoughtful about that because about 15% of our revenue is in Canada or Mexico.

Cost Impact
Tariffs have prompted changes in sourcing and increased costs for importing products, affecting the overall supply chain and product pricing.
Revenue Impact
Potential tariffs may lead to decreased demand from customers due to higher prices, impacting sales.
Supply Chain
The company is adapting its sourcing strategies to mitigate the effects of tariffs, which could affect logistics and operational efficiency.

BlackRock, Inc.

BLK2025-04-11Financial ServicesGlobal
Negative

Markets may take some time to sort out saber rattling around trade and tariffs, but BlackRock and our clients see growth and opportunity.

Operations
Increased geopolitical tensions and tariffs may lead to operational adjustments as clients seek to mitigate risks.
Revenue Impact
Uncertainty around tariffs could drive capital flows into private markets as investors look for stability.

Wells Fargo & Company

WFC2025-04-11Financial ServicesGlobal
Neutral

We support the administration's willingness to look at barriers to fair trade in the United States. Though there are certainly risks associated with such significant actions.

Strategy
The company's strategy is affected as they monitor the potential outcomes of trade policies and are prepared for changes that may impact loan demand and customer behavior.
Economic Impact
Concerns over economic uncertainty due to trade policy changes could lead to a slower economic environment affecting overall business performance.

Morgan Stanley

MS2025-04-11Financial ServicesGlobal
Negative

While tariff announcements and subsequent market volatility have disrupted near-term deal activity, our pipelines have not meaningfully changed since the beginning of the year and remain robust.

Revenue Impact
Tariff-related disruptions have affected deal activity, which could impact revenues from investment banking.
Operations
Increased uncertainty due to tariffs is affecting clients' strategic activities, leading to a pause in some transactions.

CarMax

KMX2025-04-10AutomotiveNorth America
Neutral

As new car prices go up, that will put a bigger spread between late-model used and new cars.

Revenue Impact
Potential increase in demand for used cars as consumers seek alternatives to more expensive new cars.
Cost Impact
Increased parts costs due to tariffs could affect reconditioning expenses.

Constellation Brands

STZ2025-04-10BeveragesNorth America
Negative

the guidance that we provided does include the impact for all tariffs announced by the U.S. government on April 2nd and by the Canadian government on March 4th.

Cost Impact
Tariffs are expected to increase costs, particularly impacting aluminum can prices and imports from New Zealand and Italy.
Guidance Impact
The anticipated impact of tariffs has led to a reduction in sales growth forecasts for fiscal '26 to '28.

PriceSmart, Inc.

PSMT2025-04-10RetailCentral America
Negative

This new international trade landscape creates additional complexities and will potentially bring cost pressures.

Cost Impact
Ongoing tariff challenges may increase the cost of imported merchandise.
Supply Chain
The company is developing contingency plans to adapt to tariff uncertainties.
Operations
The company is exploring direct shipments from Asia to reduce tariff impacts.

The Simply Good Foods Company

SMPL2025-04-09Food and BeverageNorth America
Neutral

we expect gross margins to be down approximately 200 basis points versus last year... as well as a preliminary estimate for the anticipated costs related to recently announced tariffs.

Cost Impact
Estimated headwind of about $5 million to $10 million in fiscal '25 due to tariffs affecting 15% to 20% of total COGS.

Delta Air Lines

DAL2025-04-09AerospaceGlobal
Negative

Given broad economic uncertainty around global trade, growth has largely stalled.

Cost Impact
Potential increase in operational costs due to tariffs affecting supply chain and procurement.
Revenue Impact
Softness in both consumer and corporate travel linked to broader market uncertainties from trade policies.

Neogen Corporation

NEOG2025-04-09Food Safety and Animal HealthGlobal
Negative

The administration's position on tariffs and the actions announced last week have added to this uncertain environment.

Cost Impact
Increased cost of goods sold due to tariffs affecting imports, particularly from China.
Revenue Impact
Potential loss of sales as products become more expensive due to tariffs, leading to a less willing customer base.

WD-40 Company

WDFC2025-04-08Consumer GoodsGlobal
Neutral

we believe these cost savings will largely offset the financial impact of any potential tariffs for the remainder of this fiscal year.

Cost Impact
Cost savings from supply chain optimization expected to mitigate tariff impacts.
Supply Chain
A decentralized supply chain structure reduces tariff risk.

RPM International

RPM2025-04-08Construction MaterialsNorth America
Neutral

the impact of tariffs on inflation is dynamic, but we can tell you what we know.

Cost Impact
Anticipated raw material inflation increasing from low to mid-single digits due to recently announced tariffs.
Revenue Impact
Some sales affected by tariffs on imported materials which could lead to price adjustments.

Levi Strauss & Company

LEVI2025-04-07ApparelGlobal
Negative

Given last week's tariff announcement, we're dealing with a dynamic macro environment.

Cost Impact
The company is assessing various scenarios and identifying levers to mitigate potential cost increases due to new tariffs.
Guidance Update
The full year outlook remains unchanged but acknowledges the uncertainty of tariff impacts.

Greenbrier Companies

GBRX2025-04-07TransportationNorth America
Neutral

Tariffs are impacting the cost of our inputs, predominantly steel, and constructional changes in how our customers operate.

Cost Impact
Increased costs for inputs due to tariffs affecting materials like steel.
Supply Chain
Changes in operations and strategies of customers as a result of tariff uncertainties.

Lamb Weston

LW2025-04-03Food ProductionNorth America
Neutral

Given the timing of yesterday's announcement and the uncertainty, we have not included any impact from tariffs in our financial outlook.

Cost Impact
A new universal baseline tariff of 10% may increase costs for U.S. imports of frozen French fries, but Lamb Weston has exempt sources from Canada.
Revenue Impact
Potential future retaliatory tariffs could impact U.S. exports, which comprise a significant percentage of total volume and net sales.

Acuity

ACUI2025-04-03Lighting and ControlsNorth America
Negative

We approach tariffs as the equivalent of a supply shock and our financial priorities are: first, to manage the dollar impact; and second to manage the margin impact.

Cost Impact
Tariffs will increase costs when products cross the border, leading to a need for pricing actions.
Revenue Impact
The timing of price increases in relation to tariff implementations may lead to short-term revenue fluctuations.
Supply Chain
Tariffs create uncertainty in the supply chain which could impact inventory management and customer ordering behavior.
Guidance Update
Uncertainty in the marketplace due to tariffs may influence guidance and expectations for the remainder of the fiscal year.

Lindsay Corporation

LNN2025-04-03AgricultureNorth America
Negative

We anticipate the impact of the proposed tariffs to result in a marginal increase to our cost of goods, which we will pass through in increased pricing.

Cost Impact
Marginal increase in cost of goods due to proposed tariffs.
Revenue Impact
Potential for increased pricing to offset tariff-related cost increases.
Supply Chain
Implementation of supplier negotiation and strategic inventory placement to manage tariff impacts.

Conagra Brands

CAG2025-04-03Food & BeverageNorth America
Negative

But, and this is the big but, five, we are still monitoring inflation, tariffs, consumer sentiment, and the need for pricing.

Cost Impact
Tariffs contribute to uncertainty in costs and pricing strategies.

MSC Industrial Direct

MSM2025-04-03Industrial SupplyGlobal
Neutral

There remains hesitancy and caution among our customer base around future production levels due to tariff uncertainty, potentially looming inflation, and sustained high interest rates.

Cost Impact
Tariff exposure leads to increased costs which may affect pricing strategies.
Revenue Impact
Uncertainty around tariffs is affecting customer sentiment and demand outlook.
Operations
Operational strategies are influenced by the need to navigate tariff-related challenges.

UniFirst Corporation

UNF2025-04-02ServicesGlobal
Negative

We have not built in any specific impact of the tariffs related to the uncertainty of the situation.

Guidance Update
The company has not accounted for potential tariff impacts in its guidance due to uncertainty.
Cost Impact
Potential short to midterm cost impacts expected depending on tariff developments.

RH

RH2025-04-02Home FurnishingsGlobal
Neutral

We do not expect a negative impact to results related to previously announced increased tariffs on products from China, Canada or Mexico.

Cost Impact
The company will work with manufacturing partners to mitigate the impact to both margins and costs to customers due to tariffs.
Operations
The company's ability to produce a significant portion of upholstered furniture domestically is expected to provide some resilience against tariffs.

BlackBerry

BB2025-04-02TechnologyNorth America
Neutral

While we currently don't see that tariffs will directly impact our products and service, we do expect some indirect effects on BlackBerry due to impacts to our customers, including supply chains and macroeconomic demand, although these effects are currently difficult to model.

Supply Chain
Potential indirect effects on customers' supply chains due to tariff uncertainty.
Revenue Impact
Uncertainty around tariffs may affect overall revenue growth projections.
🔔Tariff Day Begins: This page started tracking tariff commentary in earnings calls beginning April 2, 2024.