Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
General Electric Company (NYSE:GE) on Thursday said that GE Aerospace reaffirmed its guidance, presenting a longer-term financial outlook, including achieving operating profit worth $10 billion in 2028.
The Boston-based company said that GE Aerospace is ready to trade publicly as an independent company on April 2, 2024, on the NYSE under the ticker “GE.”
“Our strong balance sheet positions us to invest in growth and innovation, while also returning approximately 70-75% of available funds through our dividend and share buy-backs,” GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said.
The company proposes a 30% dividend payout and approves a $15 billion share buyback plan, pending board approval.
“I’m excited about GE Aerospace’s future and our plans to deliver for customers and maximize shareholder returns.”
Outlook: For FY24, the company expects adjusted revenue to grow low-double-digits or more, with operating profit ranging between $6 billion-$6.5 billion.
For FY25, the company expects adjusted revenue to grow low-double-digits, with operating profit ranging between $7.1 billion-$7.5 billion.
For FY28, the company sees adjusted revenue of high-single-digit CAGR ’25-’28, with an operating profit of $10 billion (low-double-digit CAGR ’25-’28).
Price Action: GE shares are trading higher by 1.47% to $161.85 in the premarket session on the last check Thursday.
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