General Electric (NYSE:GE) Company shares have taken flight after the company affirmed its full-year 2023 guidance, including reiterating the growth expected in its aerospace segment.
During an investor conference, the company maintained its 2023 guidance for revenue growth in the high single digits, adjusted earnings per share of $1.60 to $2, and free cash flow of $3.4 billion to $4.2 billion.
Management said for GE Aerospace, which primarily produces and services jet engines, it expects revenue growth in the mid-to-high single digits, continued margin expansion, with free cash flow in line with net income.
For its combined power equipment and renewable energy units, GE expects growth at a mid-single-digit rate with high single-digit profit margins.
“We are operating from a stronger foundation and as a fundamentally simpler business that is creating significant value today and going forward,” GE CEO Larry Culp said, as reported by BNN Bloomberg.
GE shares added 8.5% at US$94.33 in New York on Thursday morning.
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