General Electric Down 7% After Revenue Miss
January 25 2022 - 11:58AM
Dow Jones News
By Michael Dabaie
General Electric Co. shares were down 7% to $90.08 in morning
trading after quarterly revenue missed analyst views.
GE reported fourth-quarter revenue of $20.3 billion, down 3% and
below FactSet consensus for $21.3 billion.
Full-year 2021 revenue was $74.2 billion, down 2% and missing
FactSet consensus for $74.8 billion.
"Orders for the year were up double digits, supporting faster
growth going forward, while supply chain challenges, commercial
selectivity, and uncertainty surrounding the U.S. wind production
tax credit impacted our top-line," said Chief Executive H. Lawrence
Culp Jr.
"We're seeing real momentum and opportunities for sustainable
profitable growth from near-term improvements in GE's businesses,
especially as Aviation recovers and our end markets strengthen,"
Mr. Culp said. "Our dramatic debt reduction means we can further
intensify efforts to strengthen our operations and play offense,
setting us up to deliver between $5.5 to $6.5 billion free cash
flow in 2022 and more than $7 billion in 2023."
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
January 25, 2022 11:43 ET (16:43 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Aug 2024 to Sep 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Sep 2023 to Sep 2024