GE revises 2023 profit forecast amid aerospace boom

July 25 (Reuters) – US General Electric Co raised its full-year earnings guidance on Tuesday after the company’s quarterly profit beat Wall Street forecasts of strong demand for jet engine parts and other services for airlines looking to profit from rising air travel.

GE reported higher-than-expected adjusted earnings of 68 cents per share for the June quarter. Analysts polled by Refinitiv had expected an adjusted earnings of 46 cents per share.

The Boston-based company expects 2023 adjusted earnings per share of $2.10-$2.30, compared to a previous forecast of $1.70-$2.00. This is in line with Refinitiv’s consensus estimate of $2.06 per share in 2023.

General Electric’s free cash flow for this year is estimated at $4.1-4.6 billion, compared to the previously expected $3.6-4.2 billion.

The original message in English is available at the code: (Rajesh Kumar Singh in Chicago and Aphisit Ganapavaram in Bangalore)