WASHINGTON (dpa-AFX) - GE Aerospace (GE), a provider of jet engines, aerospace systems and related services, reported higher third-quarter profit on Tuesday, supported by revenue growth. The company also raised its full-year Outlook.
Net income from continuing operations increased to $2.412 billion, or $2.32 per share, from $2.170 billion, or $2.04 per share, a year earlier. Net profit rose to $2.805 billion from $2.515 billion in the prior-year period.
Excluding one-time items, adjusted income climbed to $2.343 billion or $2.25 per share from $1.764 billion or $1.66 per share last year.
Operating profit jumped 30% year-on-year to $2.988 billion.
Quarterly revenue grew 16% to $14.118 billion from $12.181 billion a year earlier, driven by higher internal shop visit volumes with heavier workscopes, increased spare parts volumes and engine deliveries, and pricing gains. Adjusted revenue increased to $13.285 billion from $11.305 billion.
For the full year, GE Aerospace now expects adjusted revenue growth of about 19%-20% compared with previous outlook of high-teens.
The company raised its operating profit outlook to $10.9 billion to $11 billion from its earlier forecast of $10.55 billion to $10.75 billion. Its adjusted earnings per share is now expected at $8.00 to $8.10, up from from $7.65 to $7.85 guided earlier.
On the NYSE, GE Aerospace shares were down nearly 1% in pre-market trading after closing at $311.28 on Monday.
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