General Electric Stock

General Electric Stock Rally on Q3 Earnings Beat and Upbeat 2023 Profit Forecast

General Electric stock is trading higher in the pre-market trading following the release of third-quarter earnings that have beaten analyst expectations while boosting its full-year profit and free cash flow forecasts, thanks to the relentless strength of the industrial group’s core aviation division.

General Electric Company (NYSE: GE) revealed that adjusted non-GAAP earnings for the third quarter came in at 82 cents per share, representing a 9.3% increase from the previous year. This figure is well above the Street consensus forecast of 56 cents per share. Group adjusted revenues were equally robust, with the company recording an 18% YoY increase to $16.3 billion, outperforming analysts’ estimates of $15.7 billion.

General Electric has raised its full-year adjusted earnings outlook and anticipates a range of $2.55 to $2.65 per share, marking a 35-cent improvement from its earlier forecast. Furthermore, the company expects organic sales growth to reach the ‘low teens’ based on percentage gain.

In addition, GE has increased its free-cash flow estimate, now expecting a range between $4.7 billion to $5.1 billion, a notable increase from the earlier forecast of $4.1 billion to $4.6 billion.

General Electric stock surged over 5% in pre-market trading immediately following the earnings release, pointing to an opening bell price of $112.84 per share.

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