General Electric Raises 2023 Earnings Guidance

(RTTNews) - General Electric Company (GE) increased its 2023 guidance based on first-half performance and continued second-half strength. The company now projects: organic revenue growth in the low-double-digit range, up from the high-single-digit range; adjusted EPS in a range of $2.10 to $2.30, up from prior guidance range of $1.70 to $2.00; and free cash flow of $4.1 to $4.6 billion, up from $3.6 to $4.2 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.06. Analysts' estimates typically exclude special items.

GE's second-quarter performance was strong, with orders and revenue growth in double digits, led by robust services growth across portfolio, increased demand at GE Aerospace and record Renewable Energy orders.

"We're increasingly operating as GE Aerospace and GE Vernova as we prepare to launch these two independent companies sometime in early 2024," GE CEO Lawrence Culp, Jr. said.

Second quarter continuing profit was $996 million or $0.91 per share compared to a loss of $1.20 billion or $1.09 per share, last year. Adjusted EPS was $0.68, up 89% from last year.

Second quarter total revenues were $16.70 billion, up 18% from prior year. Adjusted revenues were $15.9 billion, an increase of 19% from previous year.

Shares of General Electric are up 4% in pre-market trade on Tuesday.

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