GE Aerospace Raises 2024 Profit Outlook, Reports Q2 EPS of $1.20, Revenue of $8.22B, Stock Rises 3%

Jul 23, 2024, 11:12 AM

GE Aerospace has raised its profit outlook for 2024 due to robust demand for engine parts and services, particularly in the aftermarket sector. The company reported adjusted earnings per share (EPS) of $1.20 for Q2 2024, significantly exceeding the estimated $0.97. Revenue for the quarter was $8.22 billion, slightly below the forecast of $8.38 billion. Following this performance, GE Aerospace increased its full-year adjusted EPS guidance to a range of $3.95 to $4.20, up from the previous estimate of $3.80 to $4.05. The company's stock rose by 3% in pre-market trading as investors reacted positively to the earnings report and the upward revision of its profit targets. CEO comments highlighted a surge in internal shop visits, which has contributed to increased services revenue.