GE Aerospace (GE) has reported a first-quarter profit that beat Wall Street estimates and raised its forward guidance.
The Boston-based industrial conglomerate reported earnings per share (EPS) of $0.82 U.S., which beat consensus estimates of $0.65 U.S.
Revenue in Q1 totaled $15.2 billion U.S., which was slightly below Wall Street estimates of $15.3 billion U.S.
There was some confusion caused with GE Aerospace’s quarter as it still included results from GE Vernova (GEV), the energy business that it spun off into a separate publicly traded company on April 2 of this year.
General Electric has hived off both its energy and healthcare businesses into separate public companies, leaving GE Aerospace with the traditional industrial operations that includes aircraft engine manufacturing.
The aerospace business reported an operating profit of $1.5 billion U.S. on sales of $8.1 billion U.S for Q1. Aerospace orders came in at $11 billion U.S., up 34% from a year earlier.
In terms of guidance, GE Aerospace said it expects a 2024 operating profit of $6.2 billion U.S. to $6.6 billion U.S., up from a previous outlook of $6 billion U.S. to $6.5 billion U.S.
Earnings for 2024 are expected to come in at $3.80 U.S. to $4.05 U.S. a share. The midpoint of that range of $3.93 U.S. per share is below the consensus estimate of $4.25 U.S.
GE Aerospace’s stock is up 4% on news of the latest earnings print. Before today (April 23), the stock had risen 88% over the last 12 months to trade at $150.19 U.S. per share.