GE Stands by Profit Forecast, Brushing Off Wall Street’s Worries

Posted On April 20, 2018 2:00 pm

General Electric Co. stuck with its 2018 profit forecast, sending shares higher as the beleaguered manufacturer defied Wall Street expectations of a cut.

Strength in aviation and health care is shoring up confidence in the outlook for adjusted earnings of $1 to $1.07 a share, GE said in a statement Friday, just two months after its finance chief said the company was headed toward the low end of the range. Even that would be above the 95-cent average of analyst estimates compiled by Bloomberg.

The results mark “a step forward” in GE’s plan to turn itself around by cutting costs and strengthening the manufacturing operations, Chief Executive Officer John Flannery said in the statement. “Industrial earnings, free cash flow and margins all improved year over year.”

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