Followers | 680 |
Posts | 141062 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Tuesday, April 26, 2022 9:03:35 AM
By: Reuters | April 26, 2022
General Electric Co on Tuesday pegged its full-year earnings at the lower end of its previous forecast as the U.S. industrial conglomerate was dogged by persistent supply chain disruptions and rising freight and raw material costs.
Two years into the pandemic that has snarled supply chains across the globe and driven up costs for everything from labor to raw materials, companies are scrambling to produce enough to feed current demand and also to restock inventory.
Fresh COVID-19-related lockdowns in China as well as Russia's invasion of Ukraine have only worsened the situation.
"We're holding the outlook range we shared in January, but as we continue to work through inflation and other evolving pressures, we're currently trending toward the low end of the range," said Chief Executive Larry Culp.
In January, the company projected adjusted profit for the year to be in the range of $2.80 to $3.50 per share. It also expected to grow its profit margin by 150 basis points and to generate $5.5 billion to $6.5 billion in free cash flow.
Shares were down about 3.5% at $86.77 in premarket trading.
Analysts at Wolfe Research called the company's comments on the 2022 outlook "disappointing, but not surprising."
"We believe the biggest swings to guidance remain the extent of Renewables losses and the pace of recovery in Healthcare margins," they wrote in a note.
GE said revenue growth at its healthcare unit was hit by lockdowns in China and lower volumes in Russia and Ukraine. The aviation segment was navigating through the lockdowns but demand was expected to remain strong, the company added.
Meanwhile, soaring costs have spurred customers to delay their projects, resulting in lower orders at its renewable energy business.
Rival Siemens Energy last week said it was reviewing its full-year outlook amid rising costs at its wind turbine division Siemens Gamesa, fallout of the war in Ukraine and sanctions imposed on Russia.
GE has suspended its operations in Russia, which accounts for less than 2% of its overall sales. The company's power business, however, has a bigger exposure to the country.
On Tuesday, the company said it had recognized $200 million in pre-tax charges in the first quarter due to the conflict between Russia and Ukraine and the sanctions.
GE reported higher-than-expected adjusted profit of 24 cents a share in the quarter through March. Revenue for the quarter came in at $17.04 billion, topping Wall Street's estimates of $16.89 billion.
The company burned through $880 million in cash in the first quarter.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GE News
- U.S. Index Futures Rise in Pre-Market, Oil Prices Dip Slightly • IH Market News • 04/23/2024 11:26:41 AM
- Costco Increases Dividend by 14%, Meta Introduces ‘Artemis’ AI Chip, and More News • IH Market News • 04/11/2024 11:24:54 AM
- GE Aerospace Board of Directors Authorizes Regular Quarterly Dividend • Business Wire • 04/05/2024 04:02:00 PM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- GE Aerospace Launches as Independent, Investment-Grade Public Company Following Completion of GE Vernova Spin-Off • Business Wire • 04/02/2024 10:33:00 AM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- GE Vernova and Solventum Set to Join S&P 500; Dentsply Sirona to Join S&P MidCap 400; Others to Join S&P SmallCap 600 • PR Newswire (US) • 03/27/2024 10:12:00 PM
- Apple & Google in Talks for Gemini AI on iPhone, Nvidia’s GTC Conference Today, and Latest News • IH Market News • 03/18/2024 11:10:46 AM
- Intel Loses Pentagon Funding, Shell Plans 20% Business Team Reduction, and Latest News • IH Market News • 03/13/2024 11:02:03 AM
- Sam Altman Rejoins OpenAI Board; Coinbase, MicroStrategy Surge Pre-Market Amidst Bitcoin’s Latest Milestone • IH Market News • 03/11/2024 10:39:03 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 10:01:02 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 11:20:28 AM
- GE Aerospace Hosts 2024 Investor Day • Business Wire • 03/07/2024 11:15:00 AM
- GE Vernova Hosts 2024 Investor Day • Business Wire • 03/06/2024 11:15:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:29:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:28:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:27:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:25:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:24:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:22:42 PM
- Futures Pointing To Continued Weakness On Wall Street • IH Market News • 03/05/2024 02:03:27 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 02/29/2024 09:56:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 09:54:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 09:54:09 PM
- GE Board of Directors Approves Spin-Off of GE Vernova; GE Vernova and GE Aerospace to Launch April 2, 2024 • Business Wire • 02/29/2024 09:51:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM