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GE Q4 beats estimates ahead of split, but outlook hits shares
(Sharecast News) - General Electric topped fourth-quarter earnings estimates but downbeat guidance for the three months of the current year sent shares in the jet engine maker lower.
The company said adjusted profit for the quarter to December 31 came in at $1.77bn from $1.37bn a year earlier. Revenue soared 15% to $19.4bn beating expectations of a fall $17.18bn.
GE is set to split into a standalone aerospace business this year, while its power and renewables business will become GE Vernova in early April.
For the first quarter of 2024, GE expects to deliver high-single-digit revenue growth, adjusted earnings per share of $0.60 - $0.65, and free cash flow in line with net income growth.
For the full year, GE's 2024 guidance reflects GE Vernova and GE Aerospace operating independently, incorporating standalone and other costs that each will incur separately. GE Vernova expects to deliver revenue of $34bn - $35bn billion; adjusted core earnings margin of mid single digits, toward the higher end of the range; and free cash flow of $0.7bn - $1.1bn.
GE Aerospace expects adjusted revenue to grow low double digits or more, operating profit of $6bn - $6.5bn and free cash flow of greater than $5bn.
Reporting by Frank Prenesti for Sharecast.com
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