General Electric (GE.N) on Tuesday raised its full-year profit forecast for a third time this year on robust demand for jet engine spare parts and services and improved performance in its renewable business.
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 Photoon Tuesday raised its full-year profit forecast for a third time this year on robust demand for jet engine spare parts and services and improved performance in its renewable business.Boston, Massachusetts-based GE now expects 2023 adjusted profit per share of $2.55 to $2.
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. Meanwhile, profits at its grid and onshore wind businesses in the quarter helped narrow losses at its renewable unit. Culp expressed confidence that the businesses would continue to improve.
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