What to Expect From GE Aerospace's Q3 2024 Earnings Report

Kritika Sarmah Barchart Wed Oct 2, 9:11AM CDT
Industrials (names A - I) - GE Aerospace turbine engine-by hapabapa via iStock

GE Aerospace (GE), based in Evendale, Ohio, is a global leader in aerospace propulsion and services. Valued at a market cap of $203.9 billion, the company designs and manufactures commercial and defense aircraft engines, integrated engine components, and mechanical systems while also offering aftermarket services. GE Aerospace is set to announce its fiscal third-quarter earnings for 2024 on Tuesday, Oct. 22.

Ahead of the event, analysts expect GE to report a profit of $1.12 per share on a diluted basis, up 36.6% from $0.82 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. Despite persistent supply constraints, its EPS of $1.20 exceeded the consensus estimate by 23.7% in the recent quarter. 

For fiscal 2024, analysts expect GE to report EPS of $4.20, up 49.5% from $2.81 in fiscal 2023.

www.barchart.com

GE stock has outperformed the S&P 500’s ($SPX) 19.7% gains on a YTD basis, with shares up 82.5% during this period. Similarly, it outpaced the Industrial Select Sector SPDR Fund’s (XLI) 18.9% gains over the same time frame.

www.barchart.com

GE's robust market performance this year stems from its reliability in developmental programs and strategic partnerships with major airlines, including British Airways and Japan Airlines. The recent spin-off of GE Vernova Inc. (GEV) has further enhanced investor confidence. 

On Jul. 23, GE shares edged up more than 5% after reporting its Q2 results. While it topped its bottom-line expectations, it failed to exceed its revenue guidance. The company revised its full-year guidance and expects adjusted EPS between $3.95 and $4.20, up from $3.80 and $4.05.

Analysts’ consensus opinion on GE stock is extremely bullish, with a “Strong Buy” rating overall. Out of 17 analysts covering the stock, 15 advise a “Strong Buy” rating, one has a “Moderate Buy” rating, and the remaining analyst recommends a “Hold.” 

The average analyst price target for GE is $197.65, indicating a 6.1% potential upside from the current levels.



More Stock Market News from Barchart
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.