Industrial conglomerate General Electric Co. (GE) reported Tuesday that net income attributable to common shareowners for the fourth quarter declined 24 percent to $1.59 billion or $1.45 per share from $2.10 billion or $1.90 per share in the prior-year quarter.
Earnings from continuing operations attributable to common shareowners were $1.59 billion or $1.44 per share, down 6 percent from $1.69 billion or $1.53 per share in the year-ago quarter.
Excluding items, adjusted earnings for the quarter were $1.03 per share, compared to last year's $0.66 per share. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 15 percent to $19.42 billion from $16.83 billion in the same quarter last year. Analysts expected revenues of $17.42 billion for the quarter. Organic revenue was up 13 percent.
Looking ahead to the first quarter of fiscal 2024, the company now projects adjusted earnings in a range of $0.60 to $0.65 per share on high-single-digit revenue growth.
The Street is currently looking for earnings of $0.72 per share on revenue growth of 5.9 percent to $15.35 billion for the quarter.
For fiscal 2024, the company's guidance reflects GE Vernova and GE Aerospace operating independently, incorporating standalone in early April and other costs that each will incur separately. GE Vernova expects to deliver revenue of $34 billion to $35 billion. GE Aerospace expects adjusted revenue to grow low double digits or more and operating profit of $6.0 billion to $6.5 billion.
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