2023-03-09 12:25:46 ET
General Electric ( NYSE: GE ) on Thursday jumped as much as 9.2% to a four-year high of $94.94 after management forecast that demand for jet engines and maintenance services would drive revenue gains for the next couple of years.
A rebound in air travel after the lifting of pandemic lockdowns has airlines to order more planes from manufacturers such as Boeing ( BA ) and Airbus ( OTCPK:EADSY ) ( OTCPK:EADSF ), which are two of GE Aerospace's biggest customers.
The company forecast revenue growth in the low double digits to mid-teens through 2025, with a profit margin of about 20%.
“The future is bright at GE ( GE )," Lawrence Culp, chairman and CEO of the company, said in prepared remarks for its investor day. "We are operating from a stronger foundation and as a fundamentally simpler business that is creating significant value today and going forward."
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GE jumps to four-year high on outlook for aviation demand