General Electric Co.’s stock
GE,
rose 4.4% in premarket trade Tuesday, after the company posted better-than-expected third-quarter earnings and raised its guidance. The company had net income of $84 million, or 8 cents a share, for the quarter, after a loss of $313 million, or 29 cents a share, in the year-earlier period. Adjusted per-share earnings came to 82 cents, well ahead of the 56 cent FactSet consensus. Revenue rose 20% to $17.3 billion, also ahead of the $15.5 billion FactSet consensus. The company said total orders rose 19% to $17.9 billion. “At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services,” Chief Executive Lawrence Culp Jr. said in a statement. “At GE Vernova, our Grid and now Onshore Wind businesses were both profitable this quarter and we expect their performance to continue to improve. With our two largest Renewable Energy businesses delivering and Power’s continued strength, we remain highly confident in GE Vernova’s spin-off next year.” The company raised its full-year guidance and now expects adjusted EPS of $2.55 to $2.65, up from July guidance of $2.10 to $2.30. The stock has gained 63% in the year to date, while the S&P 500
SPX,
has gained 9.7%.
