Early on Tuesday, General Electric ( NYSE:GE ) reported third-quarter results below expectations, although GE stocks/shares increased as a result of higher-than-anticipated sales and cash flow. Before results later this week, Boeing (BA) didn’t alter all that much.
Jet engines are provided by General Electric ( NYSE:GE ) to the aircraft manufacturers Boeing and Airbus (EADSY). The demand for commercial air travel has been recovering since the epidemic, according to statements made this month by United Airlines (UAL) and Delta Air Lines (DAL). The manufacturing supply chain is still being affected by persisting supply interruptions and mounting economic worries.
General Electric’s Profit and GE Stock
FactSet polled analysts who predicted a 17% reduction in EPS to 47 cents on a 0.1% decline in revenue to $18.404 billion. Free cash flow (FCF) of $284.5 million was the estimate, higher from the preceding quarter but much lower than a year earlier.
As a result, GE’s profits per share fell by 40% to 35 cents. To $19.1 billion, revenue increased 2.8%. At $1.2 billion, free cash flow was nonetheless lower than it was a year ago.
GE anticipates full-year EPS of $2.40 to $2.80. Wall Street anticipated that GE would earn $2.66 per share and generate $4.195 billion in FCF for the whole year. Late in July, GE issued a reduced guidance, citing issues with the supply chain and strain on working capital.
CEO Larry Culp stated in the GE ( NYSE:GE ) results announcement that “our planned spin-offs continue on track, with GE HealthCare set to launch in the first week of January.” “We are enthusiastic about our intentions to build three separate, investment-grade firms set up to produce long-term shareholder value, with leadership positions in expanding, essential areas.R...
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