In a recent announcement on Tuesday, General Electric Company (NYSE:GE), now known as GE Aerospace, disclosed its financial outcomes for the third quarter of 2024. The results were published on the company's investor relations website, reflecting the latest performance metrics for the electronic and electrical equipment manufacturer.
GE Aerospace, based in Evendale, Ohio, and incorporated in New York, has shared these figures in accordance with the SEC's form 8-K requirements. The data provided, which includes a detailed breakdown of the company's financial condition, is intended for informational purposes and has not been filed for liability under Section 18 of the Securities Exchange Act of 1934, nor is it to be integrated into any of the company's future filings under the Securities Act of 1933 or the Exchange Act.
The company's stock, along with various notes due between 2025 and 2037, is listed on the New York Stock Exchange under symbols ranging from GE to GE 37. These financial instruments reflect General Electric's diverse investment offerings and the company's ongoing operations in the aerospace sector.
The financial results released today will be of interest to investors and market analysts who closely monitor GE Aerospace's performance. The company's financial health is crucial for stakeholders and provides insights into the company's operational success during the third quarter of the year.
As per standard procedure, the filing was signed by Robert Giglietti, Vice President - Chief Accounting Officer, Controller, and Treasurer of General Electric Company, ensuring the authenticity of the report. This disclosure, based on a press release statement, offers a transparent view of GE Aerospace's financial standings without any promotional content, solely reflecting the facts as reported to the SEC.
In other recent news, GE Aerospace has raised its 2024 earnings outlook due to strong aftermarket service demand, driven by airlines' increased reliance on older aircraft. The company now expects an adjusted profit between $4.20 and $4.35 per share, up from the previous estimate of $3.95 to $4.20 per share. In the last quarter, GE Aerospace reported an adjusted profit of $1.15 per share and total revenue of $9.84 billion, a 6% increase from the previous year.
In addition, Deutsche Bank has raised its price target for GE Aerospace from $212 to $235, predicting potential earnings per share increases. Bernstein SocGen Group also adjusted their price target for the company, increasing it to $225 from $201. Both firms noted the company's strong financial performance and potential for further improvements.
Moreover, GE Aerospace was involved in a significant military deal, with Poland finalizing a $12 billion agreement with the United States to purchase 96 AH-64E Apache attack helicopters. The Public Utility Commission of Texas also shortlisted 17 gas-fired power plant projects for potential funding from a $5.38 billion government pool, including GE Vernova. These recent developments highlight the ongoing progress and achievements of GE Aerospace in the industry.
InvestingPro Insights
GE Aerospace's recent financial disclosure aligns with several key insights from InvestingPro. The company's strong performance is reflected in its impressive market capitalization of $210.61 billion USD, underscoring its significant presence in the Aerospace & Defense industry.
InvestingPro data reveals that GE has demonstrated remarkable growth, with a 44.94% increase in revenue over the last twelve months as of Q2 2024. This growth is further emphasized by the company's robust EBITDA growth of 53.25% during the same period, indicating improved operational efficiency.
Two particularly relevant InvestingPro Tips highlight GE's current market position. Firstly, the stock is trading near its 52-week high, which aligns with the company's strong financial results. Secondly, GE has maintained dividend payments for 54 consecutive years, demonstrating long-term financial stability and commitment to shareholder returns.
These insights provide additional context to GE Aerospace's Q3 2024 financial results, offering investors a more comprehensive view of the company's performance and market standing. For those seeking a deeper analysis, InvestingPro offers 17 additional tips that could further inform investment decisions regarding GE Aerospace.
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