General Electric ( NYSE:GE ) reported earnings and GE stock price for the third quarter on Tuesday that was lower than analysts had anticipated, and the industrial group also lowered its profit forecast for the full year. Supply chain disruptions and cost pressures continue to cut into the bottom line of the industrial group.
The stock was trading lower before the market opened, but it recovered some of its losses as investors focused on the company’s solid overall sales and a reiteration of its forecast for $4.5 billion in free cash flow for the full year. This compares to the $1.19 billion that was estimated to be generated in the third quarter.
General Electric ( NYSE:GE ) said that its adjusted non-GAAP earnings for the three months that ended in September were set at 35 cents per share. This result was 38.6% lower than the same period last year and fell 11 cents short of the average projection of 46 cents per share from the financial market. General Electric said that its group revenues increased by 3.6% from the previous year to $19.1 billion, which was marginally ahead of analysts’ projections of a total of $18.62 billion.
GE Stock Price
GE ( NYSE:GE ) has stated that it expects its adjusted profits for the whole year to fall somewhere in the range of $2.40 to $2.80 per share . This is a decrease from prior projections that ranged between $2.80 to $3.50 per share.
According to CEO Larry Culp, “Our team is delivering, with excellent Aerospace performance in the third quarter,” which was fuelled by the strengthening commercial backdrop as well as our efforts in controlling operations and the supply chain environment. “We are creating broad-based momentum with good revenue and free cash flow outcomes, in addition to the expansion of services across all of our companies,”
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