Shares of General Electric Co.
rich man,
fell 2.2% in premarket trading on Friday, after the industry group reported fourth-quarter profit, revenue and free cash flow (FCF) that beat expectations, but offered a strong earnings outlook. lower input. GE’s report is The last before it began to disintegrate, with the completion Subsidiary of GE Healthcare 3. GE posted net income of $2.13 billion, or $1.95 a share, from a loss of $3.90 billion, or $0.355 a share, for the period period one year ago. TK during the previous year period. Excluding non-recurring items, adjusted earnings per share were $1.24, well above FactSet consensus of $1.15. Revenue rose 7.3% to $21.79 billion, well above FactSet consensus of $21.25 billion. Among GE’s business units, Aerospace revenue grew 25.7% to $9.68 billion, Electrical revenue grew 26.4% to $5.44 billion, Healthcare revenue fell 0.4% to $5.28 billion and Renewable Energy sales rose 3.7% to $5.03 billion, in line with all Wall Street expectations. The FCF, a closely watched financial measure for GE, is worth $4.3 billion, beating FactSet consensus by $3.98 billion. Going forward, the company expects a continued EPS in 2023 of $1.60 to $2.00, well below the FactSet consensus of $2.37. Stocks rose 39.4% in the three months to Monday, while the Select Industry ETF
XLI,
rose 11.4% and the S&P 500
SPX,
increased by 5.9%.
