GE Aerospace Raises Full-Year Outlook After Q3 Profit and Revenue Growth; Shares Slip Pre-Market

GE Aerospace (GE) raised its full-year guidance on Tuesday after reporting higher third-quarter profit and revenue, driven by increased engine shop visit volumes, spare parts sales, engine deliveries and pricing gains. Shares fell nearly 1% in pre-market trading after closing at $311.28 on Monday. Net income from continuing operations rose to $2.412 billion, or $2.32 per share, from $2.170 billion, or $2.04 per share, a year earlier. Adjusted income climbed to $2.343 billion, or $2.25 per share, from $1.764 billion, or $1.66 per share. Operating profit jumped 30% year-on-year to $2.988 billion, and quarterly revenue grew 16% to $14.118 billion from $12.181 billion. For the full year, the company now expects adjusted revenue growth of about 19%-20%, up from its prior high-teens forecast. It raised its operating profit outlook to $10.9 billion to $11 billion from $10.55 billion to $10.75 billion, and adjusted earnings per share to $8.00 to $8.10 from $7.65 to $7.85.