GE Aerospace (GE), previously General Electric Co., reported Tuesday net income attributable to common shareowners for the second quarter of $1.27 billion or $1.15 per share, compared to a net loss of $25 million or $0.02 per share in the prior-year quarter.
Earnings from continuing operations attributable to common shareowners were $1.32 billion or $1.20 per share, up from $1.20 billion or $1.09 per share in the year-ago quarter.
Excluding items, adjusted earnings for the quarter were $1.20 per share, compared to last year\'s $0.74 per share. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share for the quarter. Analysts\' estimates typically exclude special items.
Total revenues for the quarter grew 4 percent to $9.09 billion from $8.76 billion in the same quarter last year. Analysts expected revenues of $8.46 billion for the quarter. Adjusted revenue was up 4 percent.
Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $3.95 to $4.20 per share on high-single-digit adjusted revenue growth.
Previously, the company expected adjusted earnings in the range of $3.80 to $4.05 per share on low-double-digit adjusted revenue growth.
The Street is currently looking for earnings of $4.08 per share on revenue drop of 47.0 percent to $36.04 billion for the year.
General Electric now operates as GE Aerospace since April 2, 2024 following the separation of GE Vernova business into an independent publicly traded company.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com