GE raises 2023 profit forecast yet again on aviation boom
© Reuters. FILE PHOTO: A General Electric logo is seen on the engine of a Boeing 777-9 aircraft on display during the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 18, 2023. REUTERS/Benoit Tessier/File Photo
Free cash flow for the year is estimated to be in a range of $4.7 billion to $5.1 billion, up from $4.1 billion to $4.6 billion expected in July. The company's performance contrasts with rival RTX, which reported a near billion-dollar quarterly loss due to a major quality crisis at its subsidiary Pratt and Whitney affecting the popular Geared Turbofan engines.) Co and Airbus jets, posted double-digit growth in orders, revenue and profit from a year earlier. Its margin expanded by 130 basis points in the quarter from a year ago.
GE, which has completed the separation of its healthcare unit, said it would spin off its aerospace and energy, including renewables, businesses into independent companies in the beginning of the second quarter.