General Electric raised its full-year profit outlook. The robust outlook came after quarterly earnings blew past Wall Street estimates
, posted double-digit growth in orders, revenue and operating profit from a year earlier. Its services revenue was up 31% in the second quarter from a year ago. Services accounted for 70% of the unit's revenue last year.
Culp said while supply-chain constraints are improving, the company needs to do more to keep up with "unprecedented" production ramp-up at Boeing and Airbus. He reaffirmed the company's forecast to deliver 1,700 LEAP engine units this year. The Boston-based industrial conglomerate now expects 2023 adjusted profit per share of $2.10 to $2.30, compared with its previous forecast of $1.70 to $2.00. The outlook compares with analysts' consensus earnings estimate of $2.06 per share for 2023, according to a Refinitiv survey.
GE said operating profit at its aerospace business was now expected to be in a range of $5.6 billion to $5.9 billion this year, up from $5.3 billion to $5.7 billion estimated earlier.
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