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GE Jumps as It Tops Estimates,  Forecasts Stronger Cash Flow

Published 27/07/2021, 10:10 pm
Updated 27/07/2021, 10:10 pm
© Reuters.

© Reuters.

By Dhirendra Tripathi

Investing.com – General Electric (NYSE:GE) stock was trading 4% higher in Tuesday’s premarket as the company forecast bigger free cash flows for the year after it beat estimates for both revenue and earnings in the second quarter.

The company now expects 2021 free cash flow to be $3.5 billion-$5 billion, up from its previous forecast of $2.5 billion to $4.5 billion.

GE Chairman and CEO H. Lawrence Culp Jr. said the company’s healthcare and services businesses had momentum going with them while the airline business is showing early signs of recovery.

New orders in aviation and power soared 47% and 67%, respectively.

The company kept its overall outlook for the full year, with adjusted earnings per share seen at 15 cents to 25 cents.

It closed the second quarter with an outstanding order book of $18.3 billion, up by 33% from a year ago.

Total revenue at the conglomerate rose 9% to $18.28 billion, topping the estimated $18.08 billion.

Adjusted EPS was 5 cents against a loss of 14 cents last time and higher than the 3 cents estimated by analysts.

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