General Electric Co. reported fourth-quarter revenue fell 3%, weighed down by supply-chain difficulties, and projected a return to sales growth in 2023 as its aviation business begins to recover.
The Boston conglomerate reported free cash flow from its industrial operations of $3.8 billion, bringing the full-year total to $5.1 billion, and projected 2022 cash flow of $5.5 billion to $6.5 billion.
plans to split into three separate public companies over the next two years while it navigates the pandemic’s impact on its aviation business and supply chain problems.
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“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,” GE Chairman and Chief Executive
GE shares dropped 2% to $95 in early trading Tuesday. The stock is up about 2.6% in the first weeks of 2022, closing Monday at $96.91, but remains well below $111.29 reached Nov 9, the date of the split announcement.
GE expects 2022 adjusted earnings of $2.80 to $3.50 a share, below the $4 a share projected by analysts, according to FactSet. The company expects revenue to grow in the high-single digits driven by Aviation growth of more than 20%.
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