GE Aerospace beats Q3 estimates and raises full-year guidance, but shares drop 3.1% — on pace for fourth straight post-earnings selloff; 3M, Hasbro and Halliburton also report
What happened
GE Aerospace reported third-quarter adjusted EPS of $2.25 on revenue of $13.3 billion, beating consensus of $2.01 on $12.9 billion; a year ago it earned $1.66 on $11.3 billion. Orders surged 49% year over year to $19 billion, well above sales, and commercial services revenue grew 17%. Management raised full-year guidance again: sales now expected to grow 19–20% (up from high-teens in July, and from 10–12% at the start of the year) and EPS to $8.00–$8.10 (up from $7.65–$7.85). Despite the beat-and-raise, shares fell 3.1% in early trading to $301.50 — on pace for the fourth straight post-earnings decline. Also reporting Tuesday morning: 3M beat EPS by 5% and nudged up full-year guidance; Hasbro raised its annual revenue forecast; Halliburton beat estimates and jumped 4%; and defense names Northrop Grumman and RTX ticked higher.
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Start your free 14-day trialWho’s affected
- GE Aerospace (GE) — beat-and-raise met with a ~3% selloff on aftermarket growth fears
- 3M (MMM) — Q3 revenue +4.2% to $6.58B, EPS beat ~5%, full-year guidance raised slightly; shares edged up
- Hasbro (HAS) — raised annual revenue forecast after strong quarter: $1.6B revenue, adjusted operating profit +52% on digital gaming
- Halliburton (HAL) — Q3 revenue +1.8% to $5.7B, net income $419M, adjusted EPS $0.60 (+3.4%); shares +4% premarket
- Defense names: Northrop Grumman (NOC) and RTX (RTX) gained ~0.3% and ~1% premarket on the aerospace/industrial read-through
Sources