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.

“Despite our beat, we’re not taking up our guidance by nearly as much,” ...