WASHINGTON (dpa-AFX) - GE Aerospace (GE) on Tuesday reported higher profit for the third quarter, driven by strong revenue growth. Both earnings and revenue surpassed Wall Street expectations. The company also raised its full-year outlook.
Net income from continuing operations rose to $2.17 billion, or $2.04 per share, from $1.705 billion, or $1.56 per share, a year earlier.
Excluding one-time items, adjusted earnings from continuing operations were $1.764 billion, or $1.66 per share, topping analysts' average estimate of $1.47 per share.
Operating profit climbed 26% year over year to $2.3 billion.
Revenue for the quarter increased 24% to $12.181 billion from $9.842 billion a year ago, well above the consensus estimate of $10.41 billion. On an adjusted basis, revenue rose 26% to $11.305 billion.
For the full year, GE Aerospace now expects revenue growth in the high-teens percentage range, compared with its earlier outlook for mid-teens growth. The company also raised its adjusted earnings guidance to $6.00-$6.20 per share, up from $5.60-$5.80 previously.
Analysts, on average, expect full-year earnings of $5.92 per share on revenue growth of about 15.7%.
GE Aerospace stock is more than 2% up in pre-market trading from Monday's close of $302.68.
'FLIGHT DECK, our proprietary lean operating model, is guided by a customer-driven approach to continuous improvement, where daily progress compounds to drive meaningful results. We are seeing that materialize this quarter with strong services and engine output for our customers. Our continued investments in LEAP durability and the future of flight will help us build on this momentum and position us for growth,' said GE Aerospace Chairman and CEO H. Lawrence Culp, Jr.
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