GE Aerospace (NYSE:GE) surged as much as 6.6% to achieve an all-time high on Tuesday following the revelation by the jet engine manufacturer of better-than-expected earnings and an upward revision of its profit guidance for the year.
Adjusted for one-time items, GE Aerospace (NYSE:GE) reported earnings of $0.82 per share, surpassing the average analyst estimate of $0.70 per share.
Sales also saw a notable increase, rising by 11% to $16.1 billion, outpacing the consensus estimate of $15.7 billion. Some analyst projections were not adjusted to account for the spinoff of GE Vernova (NYSE:GEV).
The company raised its operating profit forecast to a range of $6.2 billion to $6.6 billion, up from the previous estimate of $6 billion to $6.5 billion provided in March. Adjusted earnings per share for the year were projected to be between $3.80 and $4.05.
Larry Culp, chairman and chief executive of General Electric Company (NYSE:GE), expressed confidence in the company’s performance, noting that due to their solid start to the year and outlook for the remainder of 2024, they are raising their full-year profit and free cash flow guidance. Culp emphasized that moving forward as a focused global aerospace leader, they will continue to prioritize safety, quality, delivery, and cost — always in that order — while also investing in their future and driving long-term profitable growth.
The three-month period ending March 31 marked the final time that GE reported results including GE Vernova (NYSE:GEV), the manufacturer of power turbines that completed its spinoff on April 2.
GE’s aerospace division recorded an operating profit of $1.5 billion and sales of $8.1 billion.
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