GE: raises 2019 forecasts, shares indicated higher
(CercleFinance.com) - GE on Wednesday raised its 2019 forecasts, citing improvements at its power division, lower restructuring costs and better visibility, which sent its shares up in pre-market trading.
The US conglomerate said it expects to grow industrial segment organic revenue at "mid-single digits" this year, compared to its previous estimate of "low- to mid-single digits".
The maker of jet engines and electric turbines also raised its adjusted EPS estimate range, to 0.55 dollar-0.65 dollar, from 0.50 dollar-0.60 dollar previously.
In the second quarter, its adjusted industrial operating profit dropped by 26% to 2 billion dollars, on total revenue that fell 1.1% to 28.8 billion dollars.
Sales at GE's power division fell by 22% over the quarter, but the group's aviation unit reported revenues of 7.9 billion dollars, up 5%, driven by commercial engines.
The shares of the Fairfield, Connecticut-based company were up 3.4% in pre-market trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The US conglomerate said it expects to grow industrial segment organic revenue at "mid-single digits" this year, compared to its previous estimate of "low- to mid-single digits".
The maker of jet engines and electric turbines also raised its adjusted EPS estimate range, to 0.55 dollar-0.65 dollar, from 0.50 dollar-0.60 dollar previously.
In the second quarter, its adjusted industrial operating profit dropped by 26% to 2 billion dollars, on total revenue that fell 1.1% to 28.8 billion dollars.
Sales at GE's power division fell by 22% over the quarter, but the group's aviation unit reported revenues of 7.9 billion dollars, up 5%, driven by commercial engines.
The shares of the Fairfield, Connecticut-based company were up 3.4% in pre-market trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.