GE stock falls after earnings, FCF beat expectations but outlook was downbeat

Shares of General Electric Co. GE, +2.69% fell 2.2% in premarket trading Friday, after the industrial conglomerate reported fourth-quarter profit, revenue and free cash flow that beat expectations, but provided a downbeat earnings outlook. GE’s report was the last one before it started breaking up, with the completion of the GE HealthCare spinoff on Jan. 3. GE swung to net income of $2.13 billion, or $1.95 a share, from a loss of $3.90 billion, or $.355 a share, in the year-ago period.

25 billion. Among GE business units, Aerospace revenue rose 25.7% to $9.68 billion, Power revenue increased 26.4% to $5.44 billion, Healthcare revenue slipped 0.4% to $5.28 billion and Renewable Energy revenue rose 3.7% to $5.03 billion, with all topping Wall Street expectations. FCF, which has been a closely watched financial metric for GE, of $4.3 billion topped the FactSet consensus of $3.98 billion. Looking ahead, the company expects 2023 continuing EPS of $1.60 to $2.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New suppliers race to plug in to electric car marketThe global auto industry has committed $1.2 trillion to developing electric vehicles (EVs), providing a golden opportunity for new suppliers to grab contracts providing everything from battery packs to motors and inverters. It will never work Bet you can invent some electric cars that don’t randomly blow up! We don't want them I guess we will have to buy used vehicles that last so we don't have to buy replacement batteries. It's better for the environment not to have batteries that can't be recycled
Source: Reuters - 🏆 2. / 97 Read more »