Proactive Investors - GE Aerospace (NYSE:GE) reported strong first quarter results and raised its full-year profit guidance, sending shares of the company higher on Tuesday morning.
The company’s results, which included the operations of GE Vernova before its spinoff in April, brought in revenue of $16.1 billion in Q1, up 11% year-over-year and above estimates of $15.7 billion.
Adjusted earnings per share (EPS) was $0.82, topping the Street estimate of $0.67.
On a standalone basis, GE Aerospace saw adjusted revenue of $8.1 billion and a 34% year-over-year jump in total orders to $11 billion.
For the full year, the company now expects an operating profit of $6.2 billion to $6.6 billion, up from its earlier guidance of $6 billion to $6.5 billion.
It also guided adjusted EPS of $3.80 to $4.05. The Street expects EPS of $3.76.
It reiterated its expectation of adjusted revenue growth in the low double digits.
"At GE Aerospace, Commercial Engines & Services and Defense & Propulsion Technologies drove double-digit revenue, profit and free cash flow growth in the quarter,” CEO Lawrence Culp Jr commented.
“Given our solid start to the year and outlook for the remainder of 2024, we are raising our full-year profit and free cash flow guidance. Moving forward as a focused global aerospace leader, we will continue to prioritize safety, quality, delivery, and cost — always in that order — while also investing in our future and driving long-term profitable growth.”
Following its spinoff on April 2, GE’s renewable energy power business GE Vernova is a standalone company that will report its financial results on Thursday, April 25, 2024.
GE Aerospace shares added 6% at about $159 late morning on Tuesday.