General Electric Tuesday raised its full-year profit forecast for a third time this year, after quarterly earnings topped Wall Street estimates, on robust demand for jet engine spare parts and services, and improved performance at its renewable business.
Boston-based GE now expects 2023 adjusted profit per share of $2.55 to $2.65, compared with its earlier forecast of $2.10 to $2.30.
GE's aviation business, its cash cow, has been lifted by a surge in demand for aftermarket services as a strong rebound in air travel prompted airlines to use jets for longer against the backdrop of shortage of commercial planes. GE's aerospace unit, which makes engines for jets made by Boeing Co and Airbus, posted double-digit growth in orders, revenue and profit from a year earlier. The unit's margin expanded by 130 basis points in the quarter from a year ago.
The renewable business has struggled due to a combination of weak demand, higher raw material and labor costs.
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