General Electric (NYSE:GE) shares are trading higher after the company reported better-than-expected numbers for its first quarter.
Earnings per share (EPS) came in at $0.27 on revenue of $13.7 billion to top the analyst estimate for EPS of $0.14 on sales of $13.25B. The Aerospace revenue climbed to nearly $7B on strong demand while the Power business unit generated 3.82B in sales, up 9.1% year-over-year.
GE HealthCare President and CEO Peter Arduini said, “We saw strong revenue growth across all of our business segments and regions as supply chain challenges eased. We continue to expect 5% to 7% Organic revenue growth for 2023 given increased fulfillment and commercial execution. Price and productivity had a positive impact on our margin performance, positioning us well as we continue to invest in innovation and growth.”
As a result, the company lifted the low end of its prior full-year profit forecast to $1.70 from the prior $1.60 while the top-end is maintained at $2.00. Analysts were expecting $1.98 in full-year profit per share. Revenue is still seen rising mid-to-high teens.
Goldman Sachs analysts commented:
“Bottom line is that GE posted a strong all around result, and we expect the shares to outperform.”