GE Aerospace Stock Jumps on Strong Earnings, Guidance Post-Split

GE Aerospace ( GE ) shares surged over 7% in intraday trading Tuesday after it reported its first earnings as a standalone company and boosted its full-year outlook for operating profit.

GE Aerospace reported $8.1 billion in revenue, in line with analyst expectations compiled by Visible Alpha. Its adjusted profit of $900 million or 82 cents per share beat estimates of $883 million or 81 cents per share.

GE Aerospace raised its projected range for full-year operating profit to $6.2 billion to $6.6 billion, up from the $6 billion to $6.5 billion the company said it anticipated last month. It also projected full-year earnings per share (EPS) for the first time, anticipating a range from $3.80 to $4.05 per share.

“Moving forward as a focused global aerospace leader, we will continue to prioritize safety, quality, delivery, and cost—always in that order—while also investing in our future and driving long term profitable growth,” GE Aerospace CEO Lawrence Culp said in a release.

Orders for GE Aerospace’s products like jet engines increased 34% compared to the first quarter of 2023, at $11 billion compared to $8.2 billion in the same period last year. The company cited a number of orders from companies like American Airlines ( AAL ), and said it plans to invest over $650 million in upgrading its supply chain and manufacturing facilities.

Tuesday’s report is the first quarterly report as a standalone company for GE Aerospace, after completing its split earlier this month from General Electric’s former energy segment, which spun off to become GE Vernova ( GEV ), while GE Healthcare ( GEHC ) was spun off last year. GE Vernova reports earnings Thursday, and GE Healthcare reports next Tuesday.

Shares of GE Aerospace were up 7.5% at $161.40 as of 12:30 p.m. ET Tuesday following the release.