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GE forecasts higher profit, cash flow in 2022

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GE

The logo of General Electric is pictured at the company’s site of its energy branch in Belfort, France, February 5, 2019.
Vincent Kessler | Reuters

General Electric on Tuesday forecast higher profit and free cash flow this year after reporting stronger-than-expected earnings in the quarter through December.

The 2022 estimates are based on the company’s new reporting format, which it moved to after selling off its jet-leasing business and folding capital business into its corporate operations.

The Boston-based industrial conglomerate expects adjusted profit in the range of $2.80 per share to $3.50 per share in 2022, compared with $1.71 per share last year.

Full-year free cash flow is estimated at $5.5 billion-$6.5 billion, up from $2.6 billion in 2021.

In its new format, the group will no longer report GE Capital, its financial services division, as a standalone business segment.

Under the old format, GE’s adjusted earnings for the fourth quarter came in at 92 cents per share, above the 85 cents estimated by analysts in a Refinitiv survey.

It generated $3.8 billion in free cash flow from industrial operations during the quarter, down about $500 million from a year before.

This story is developing. Please check back for updates.

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