General Electric (NYSE:GE) shares rose more than 6% intra-day today after outperforming quarterly expectations and updating its annual guidance. Q3 adjusted revenues surged 18% to $16.5 billion, exceeding the predicted $15.42 billion. The adjusted EPS stood at $0.82, surpassing the $0.56 consensus.
GE improved its 2023 forecasts, expecting an adjusted EPS of $2.55-$2.65, up from the earlier $2.10-$2.30 estimate and above the $2.36 consensus. They predict organic revenue growth in the low teens and a free cash flow between $4.7-$5.1 billion, an improvement from the previous $4.1-$4.6 billion estimate.
CEO Culp emphasized GE’s readiness to introduce GE Aerospace and GE Vernova as standalone entities by Q2, expressing optimism about the company’s future.