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GE forecasts higher earnings in 2022 after supply chain woes hit quarterly revenue

By Rajesh Kumar Singh CHICAGO (Reuters) -General Electric Co on Tuesday forecast higher profit and free cash flow this year after reporting stronger-than-expected earnings in the...
GE forecasts higher earnings in 2022 after supply chain woes hit quarterly revenue © Reuters. General Electric logo is seen through magnifier in front of displayed Aviation, Energy, Healthcare words in this illustration taken, November 9, 2021. REUTERS/Dado Ruvic/Illustration

By Rajesh Kumar Singh

CHICAGO (Reuters) -General Electric Co on Tuesday forecast higher profit and free cash flow this year after reporting stronger-than-expected earnings in the quarter through December.

But the company's revenue in the latest quarter came below Wall Street's estimates, hurt by persistent global supply chain disruptions and uncertainty over whether U.S. production tax credits for onshore wind investments will be extended over the long term.

GE's shares were down 1.8% at $95.17 in premarket trading.

The 2022 estimates are based on the company's new reporting format, which it moved to after selling its jet-leasing business and folding its capital business into its corporate operations.

The Boston-based industrial conglomerate expects adjusted profit in the range of $2.80 per share to $3.50 per share in 2022, compared with $1.71 per share last year.

Full-year free cash flow is estimated at $5.5 billion-$6.5 billion, up from $2.6 billion in 2021.

In its new format, the group will no longer report GE Capital, its financial services division, as a standalone business segment.

The company generated $20.3 billion in revenue in the fourth quarter, down 3% from a year ago and below the $21.5 billion estimated by analysts surveyed by Refinitiv.

Under the old format, GE's adjusted earnings for the quarter came in at 92 cents per share, beating the consensus estimate of 85 cents a share.

It generated $3.8 billion in free cash flow from industrial operations during the quarter, down about $500 million from a year earlier.

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29-03-2024 14:44:03 (UTC+7)

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 EUR/USD1.0779↑ Buy
 GBP/USD1.2624↑ Buy
 USD/JPY151.34↑ Sell
 AUD/USD0.6510↑ Buy
 USD/CAD1.3550Neutral
 EUR/JPY163.12↑ Buy
 EUR/CHF0.9717↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 29-03-2024 14:44:06
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Cập nhật lúc 14:39:03 29/03/2024
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