General Electric Earnings Beat Estimates, Revenue Tops Forecasts
October 27, 2023: General Electric (GE) reported better-than-expected earnings and revenue for the third quarter of 2023 as its industrial and healthcare businesses performed well.
GE earned $0.82 per share in the third quarter, beating analyst estimates by $0.26. Revenue for the quarter came in at $17.3 billion, topping estimates by $1.6 billion.
GE’s industrial business, which makes jet engines, power turbines, and other industrial equipment, reported revenue of $10.3 billion in the third quarter, up 14% from last year. GE’s healthcare business, which makes medical devices and imaging machines, reported revenue of $4.6 billion in the third quarter, up 19% from last year.
GE CEO Larry Culp said the company is “pleased” with its third-quarter results. He also noted that GE is “well-positioned” for continued growth in the future.
“We are making good progress on our transformation plan,” Culp said. “We are seeing strong momentum in our industrial and healthcare businesses. We are also progressing in reducing costs and simplifying our operations.”
GE raised its full-year earnings guidance for 2023. The company now expects to earn $2.55 to $2.65 per share in 2023, from its previous guidance of $2.10 to $2.30 per share.
Here are some additional details about GE’s third-quarter results:
- GE’s organic revenue, which excludes the impact of acquisitions and divestitures, grew 10% in the third quarter.
- GE’s free cash flow was $1.8 billion in the third quarter.
- GE’s backlog of orders was $22.4 billion at the end of the third quarter.
