GE Aerospace Q2 Results Top Estimates; Boosts FY24 Adj. EPS Outlook

(RTTNews) - GE Aerospace (GE), previously General Electric Co., reported Tuesday net income attributable to common shareowners for the second quarter of $1.27 billion or $1.15 per share, compared to a net loss of $25 million or $0.02 per share in the prior-year quarter.

Earnings from continuing operations attributable to common shareowners were $1.32 billion or $1.20 per share, up from $1.20 billion or $1.09 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $1.20 per share, compared to last year's $0.74 per share. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew 4 percent to $9.09 billion from $8.76 billion in the same quarter last year. Analysts expected revenues of $8.46 billion for the quarter. Adjusted revenue was up 4 percent.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $3.95 to $4.20 per share on high-single-digit adjusted revenue growth.

Previously, the company expected adjusted earnings in the range of $3.80 to $4.05 per share on low-double-digit adjusted revenue growth.

The Street is currently looking for earnings of $4.08 per share on revenue drop of 47.0 percent to $36.04 billion for the year.

General Electric now operates as GE Aerospace since April 2, 2024 following the separation of GE Vernova business into an independent publicly traded company.

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