GE’s quarterly earnings topped Wall Street estimates as the company also saw better performance in its renewable business
on Tuesday raised its full-year profit forecast for a third time this year after quarterly earnings topped Wall Street estimates on robust demand for jet engine parts and services and a better performance in its renewable business.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 commercial plane shortages.
LEAP engines, which GE produces in a joint venture with France’s Safran, power the narrow-body aircraft of Boeing Co and Airbus. The company now estimates the engine deliveries to be up 40 per cent to 45 per cent this year from 2022, down from a 50 per cent increase estimated earlier. The company’s performance contrasts with rival RTX, which reported a near billion-dollar quarterly loss due to a major quality crisis at its subsidiary Pratt and Whitney affecting the popular Geared Turbofan engines.
The renewable business has struggled due to a combination of weak demand and higher raw material and labour costs.
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