US company GE Aerospace, the former aerospace division of General Electric Co., increased its net profit by 13% in the first quarter, with adjusted earnings and revenue beating experts’ expectations.
The company said in a press release that its net income in the January-March period was $2.245 billion, or $1.83 per share, compared with $1.987 billion, or $1.58 per share, in the same period last year. Earnings excluding one-time factors increased to $1.49 from $0.93 per share.
Revenue rose 11% to $9.935 billion from $8.955 billion a year earlier. In particular, GE Aerospace’s revenues in the segment of engine production and maintenance increased by 14% to $6.977bn, while the volume of orders increased by 15%.
Experts surveyed by FactSet on average forecasted the company’s adjusted earnings at $1.27 per share on revenue of $9.05bn.
The company reiterated its 2025 outlook for adjusted earnings in the range of $5.1-5.45 and free cash flow of $6.3-6.8 billion. Revenue growth is expected to exceed 10%.
GE Aerospace’s stock price is up 0.7% during the previous session on Tuesday. The company’s market value over the past three months fell by almost 5% (to $191bn), while the S&P 500 stock index fell by 14%.