GE Aerospace
GE Aerospace
GE
$9.24
5.68%
186%
IBD Stock Analysis
- Breaking out from flat base in heavy volume
- Strong earnings, orders fuel the gains
Industry Group Ranking
Emerging Pattern
Flat Base
* Not real-time data. All data shown was captured at
10:16AM EDT on
07/23/2024.
GE Aerospace (GE), Tuesday’s IBD Stock Of The Day, delivered strong earnings and robust orders in its first report as a pure-play aerospace company. GE stock popped, offering an early buying opportunity.
↑
X
Small Caps Stand Out Amid Earnings Wave; GE, HCA Healthcare, Pentair In Buy Zones
GE Aerospace emerged in April, along with GE Vernova (GEV), completing the former General Electric’s long dismantling. The new company, a maker of jet engines and related parts, kept the GE stock ticker. GE Vernova business houses GE’s former energy unit. GE Healthcare (GEHC) was spun off in January 2023.
GE Aerospace Earnings
GE Aerospace earnings jumped 62% vs a year earlier to $1.20 a share, beating views for 99 cents. Revenue rose nearly 4% to $9.09 billion, topping forecasts for $8.44 billion.
Orders in GE’s commercial engines and services business surged almost 38% to $9.15 billion amid booming demand for spare parts.
Ongoing Boeing (BA) woes mean airlines are hanging on to older jets. That has boosted GE Aerospace’s aftermarket business.
Free cash flow swelled almost 17% to $1.1 billion, beating views.
GE Aerospace raised full-year EPS and cash flow guidance.
GE Stock Soaring
Shares leapt 5.7% to 172 in Tuesday’s stock market action after retaking the 50-day line on Monday. Shares hit a new high of 177.20. Volume was very strong.
GE stock broke out past a 170.80 buy point from an 11-week flat base.
Shortly after Tuesday’s open, GE broke a downward-sloping trendline and cleared the July 10 short-term high of 165.99.
The relative strength line is off highs, but turned upin recent days. The RS line, which tracks a stock’s performance vs. the S&P 500 index, had been in a strong uptrend for several months.
The flat base formed after a powerful run from an early November 2023 breakout.
GE Aerospace stock was added to SwingTrader on Tuesday.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
YOU MAY ALSO LIKE:
Catch The Next Big Winning Stock With MarketSurge
Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader
Best Growth Stocks To Buy And Watch
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
Futures: Tesla Earnings Miss, Musk Next; Google Rises On Strong Q2
Post a Comment