General Electric logo is seen through magnifier in front of displayed Aviation, Energy, Healthcare words in this illustration taken, November 9, 2021. REUTERS/Dado Ruvic/Illustration
January 25, 2022
CHICAGO (Reuters) -General Electric Co on Tuesday forecast higher profit and free cash flow this year after reporting stronger-than-expected earnings in the quarter through December.
The 2022 estimates are based on the company’s new reporting format, which it moved to after selling off its jet-leasing business and folding capital business into its corporate operations.
The Boston-based industrial conglomerate expects adjusted profit in the range of $2.80 per share to $3.50 per share in 2022, compared with $1.71 per share last year.
Full-year free cash flow is estimated at $5.5 billion-$6.5 billion, up from $2.6 billion in 2021.
In its new format the group will no longer report GE Capital, its financial services division, as a standalone business segment.
Under the old format, GE’s adjusted earnings for the fourth quarter came in at 92 cents per share, above the 85 cents estimated by analysts in a Refinitiv survey.
It generated $3.8 billion in free cash flow from industrial operations during the quarter, down about $500 million from a year before.
(Reporting by Rajesh Kumar Singh; Editing by Andrew Heavens and Jan Harvey)
Source: One America News Network
