By General Electric Co. (GE) stock saw a significant boost, rising 4.4% in premarket trade on Tuesday, following the release of their better-than-expected third-quarter earnings and updated guidance. The company’s net income for the quarter was $84 million, or 8 cents per share, a remarkable increase compared to the loss of $313 million, or 29 cents per share, reported in the same period last year. Adjusted earnings per share came in at an impressive 82 cents, surpassing the FactSet consensus of 56 cents.
Revenue Surpasses Expectations
GE also reported a revenue increase of 20% to $17.3 billion, surpassing the FactSet consensus of $15.5 billion. The company revealed a 19% rise in total orders, reaching a total of $17.9 billion. The robust demand and effective execution in GE Aerospace, particularly in the Commercial Engines and Services sectors, played a significant role in this growth.
Exciting Progress in GE Vernova
Lawrence Culp Jr., Chief Executive of GE, expressed his satisfaction with the company’s progress, stating, “At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services.” Additionally, Culp mentioned the profitability of GE Vernova’s Grid and Onshore Wind businesses during the quarter, with expectations for further improvement. He also expressed high confidence in GE Vernova’s spin-off in the coming year.
Revised Full-Year Guidance
As a result of their strong performance, General Electric Co. raised their full-year guidance, now anticipating adjusted earnings per share of $2.55 to $2.65. This update is higher than the previous July guidance range of $2.10 to $2.30.
Impressive Growth of GE Stock
Throughout the year, GE stock has experienced a remarkable 63% gain, reflecting the company’s solid performance and investor confidence. In comparison, the S&P 500 has achieved a growth of 9.7% during the same period.
Comments