GE said adjusted non-GAAP earnings for the three months ending in December came in at 21 cents per share, up 23.5% from the same period last year and 3 cents ahead of the Street consensus forecast. Group revenues, GE said, were pegged at $26.2 billion, a 1% decline from last year but still topping analysts' estimates of a $25.6 billion tally.
Looking into the 2020 fiscal year, GE said it sees adjusted earnings in the range of 50 cents to 60 cents per share and industrial free cash flows of between $2 billion and $4 billion. GE's profit outlook, however, is at least partly contingent on a mid-2020 return to service for Boeing's (BA) - Get Report grounded 737 MAX aircraft, and fell modestly shy of the Refinitiv forecast of 66 cents per share.
"The fourth quarter marked a strong close to the year for GE. We met or exceeded our full-year financial targets and are on a positive trajectory for 2020. We're proud of our progress in 2019, including decisive actions to reduce our leverage and strengthen our businesses," said CEO Larry Culp.
Watch to see what Jim Cramer says.
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