Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

GE Q4 beats estimates ahead of split, but outlook hits shares

(Sharecast News) - General Electric topped fourth-quarter earnings estimates but downbeat guidance for the three months of the current year sent shares in the jet engine maker lower.

The company said adjusted profit for the quarter to December 31 came in at $1.77bn from $1.37bn a year earlier. Revenue soared 15% to $19.4bn beating expectations of a fall $17.18bn.

GE is set to split into a standalone aerospace business this year, while its power and renewables business will become GE Vernova in early April.

For the first quarter of 2024, GE expects to deliver high-single-digit revenue growth, adjusted earnings per share of $0.60 - $0.65, and free cash flow in line with net income growth.

For the full year, GE's 2024 guidance reflects GE Vernova and GE Aerospace operating independently, incorporating standalone and other costs that each will incur separately. GE Vernova expects to deliver revenue of $34bn - $35bn billion; adjusted core earnings margin of mid single digits, toward the higher end of the range; and free cash flow of $0.7bn - $1.1bn.

GE Aerospace expects adjusted revenue to grow low double digits or more, operating profit of $6bn - $6.5bn and free cash flow of greater than $5bn.

Reporting by Frank Prenesti for

Share this article

Related Sharecast Articles

Tesla lays off 285 workers in Buffalo as job cuts continue
(Sharecast News) - Electric carmaker Tesla is to lay off 14% of its staff across two plants in New York, the company said in a regulatory filing on Thursday, following large-scale job cuts announced earlier in the week.
Blackstone first-quarter earnings narrowly beat forecasts
(Sharecast News) - Blackstone, the world's largest private equity firm, reported marginally better than expected first-quarter earnings on Thursday.
TSMC forecasts jump in second-quarter sales
(Sharecast News) - Taiwan Semiconductor Manufacturing Co said on Thursday it expects sales to jump in the second quarter on strong demand.
Empire Metals completes third phase of drilling at Pitfield
(Sharecast News) - Empire Metals announced the successful conclusion of its third phase of reverse circulation (RC) drilling at the Pitfield Project in Western Australia on Thursday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.