GE's stock gains, as combined results of GE Aerospace and GE Vernova rose above forecasts

Dow Jones04-23

MW GE's stock gains, as combined results of GE Aerospace and GE Vernova rose above forecasts

Shares of GE Aerospace $(GE)$ gained 0.7% in premarket trading Tuesday, after the maker of jet engines used in commercial and military aircraft, including Boeing Co. $(BA)$ planes, reported first-quarter results, including the results of GE Vernova $(GEV)$ prior to the spinoff, with both profit and revenue rising above expectations. First-quarter net earnings per share fell to $1.39 from $6.71. Excluding nonrecurring items adjusted EPS rose to 82 cents from 27 cents and beat the FactSet consensus of 65 cents. Revenue grew 11% to $16.1 billion, above the FactSet consensus of $15.25 billion, with GE Aerospace revenue seen rising 15% to $8.1 billion. Looking ahead, GE Aerospace expects 2024 adjusted EPS of $3.80 to $4.05, compared with the current FactSet consensus of $4.25, while revenue was affirmed to see more than low-double-digit percentage growth. GE's stock has soared 47.6% year to date through Monday, while the Industrial Select Sector SPDR ETF $(XLI)$ has advanced 6.5% and the S&P 500 has tacked on 5.1%.

-Tomi Kilgore

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(END) Dow Jones Newswires

April 23, 2024 06:36 ET (10:36 GMT)

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First-quarter net earnings per share fell to $1.39 from $6.71. Excluding nonrecurring items adjusted EPS rose to 82 cents from 27 cents and beat the FactSet consensus of 65 cents. Revenue grew 11% to $16.1 billion, above the FactSet consensus of $15.25 billion, with GE Aerospace revenue seen rising 15% to $8.1 billion. Looking ahead, GE Aerospace expects 2024 adjusted EPS of $3.80 to $4.05, compared with the current FactSet consensus of $4.25, while revenue was affirmed to see more than low-double-digit percentage growth. GE's stock has soared 47.6% year to date through Monday, while the Industrial Select Sector SPDR ETF $(XLI)$ has advanced 6.5% and the S&P 500  has tacked on 5.1%. \n\n\n     -Tomi Kilgore \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. 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