General Electric (GE) reported strong third-quarter earnings and lifted its 2023 outlook, driven by performance in its aviation and energy divisions. GE plans to spin-off these businesses into separate entities in the second quarter of 2024, with CEO Larry Culp Jr. citing “rapid growth” amid high demand. Yahoo Finance's Seana Smith and Brad Smith analyze GE's earnings beat and potential implications for the strength of its aerospace and energy units. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
General Electric (GE) reported strong third-quarter earnings and lifted its 2023 outlook, driven by performance in its aviation and energy divisions. GE plans to spin-off these businesses into separate entities in the second quarter of 2024, with CEO Larry Culp Jr. citing “rapid growth” amid high demand.
Yahoo Finance's Seana Smith and Brad Smith analyze GE's earnings beat and potential implications for the strength of its aerospace and energy units.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The Wall Street Journal
General Electric raised its financial outlook and said it will shed its power business in the second quarter of 2024, the final step in a breakup of the industrial giant. The step will leave GE’s aerospace unit as a standalone business, with both companies trading separately on the New York Stock Exchange. GE’s aerospace unit will be listed on the NYSE with the stock symbol GE, while the GE Vernova power unit will use GEV.
Reuters
(Reuters) -General Electric on Tuesday raised its full-year profit forecast for a third time this year after quarterly earnings topped Wall Street estimates on robust demand for jet engine parts and services and a better performance in its renewable business. GE shares were up about 5.6% at $112.72 in morning trade. "As we ramp, as the air framers ramp, all of us have to do more week to week, month to month sequentially," CEO Larry Culp said told Reuters.
Investor's Business Daily
General Electric hoisted its full-year earnings and free cash flow guidance above Wall Street consensus Tuesday after an overall beat for the third quarter, led by commercial aerospace strength. GE stock flashed a bullish signal while jumping toward a buy point. "At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in commercial engines and services," GE CEO Larry Culp said in the earnings release Tuesday.
Bloomberg
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Reuters
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Bloomberg
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