GE - Why GE Aerospace Stock Is Flying Higher Today
2024-07-23 12:45:14 ET
GE Aerospace (NYSE: GE) reported a stronger-than-expected quarter thanks to continued strong demand for airplane and engine spare parts. Investors are taking notice, sending shares of GE Aerospace up 8% as of noon ET.
GE Aerospace is the last vestige of onetime conglomerate General Electric. The company is a leading manufacturer of aircraft engines and other equipment.
The company earned $1.20 per share in the second quarter, topping Wall Street's $0.98-per-share consensus, despite revenue that at $8.22 billion was about $200 million below expectations. Total orders were up 18% to $11.2 billion, and GE generated $1 billion in cash from operating activities.
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Why GE Aerospace Stock Is Flying Higher Today