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GE softens forecast, tops earnings ahead of split this year

Brad Smith and Seana Smith

General Electric (GE) stock dips in Tuesday's pre-market session after topping fourth-quarter 2023 earnings estimates, while also softening its forecast ahead of its split into GE Vernova and GE Aerospace expected in the first half of 2024.

Yahoo Finance Live co-hosts Brad Smith and Seana Smith comment on GE's outlook.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

BRAD SMITH: We're also watching shares of General Electric this morning after results came in above expectations, but it's softer than expected forecast is sending shares lower. General Electric is expected to split into two companies in the first half of this year, becoming GE Vernova and GE Aerospace. Now, you're taking a look at GE shares pre-market down 2%. That GE Aerospace division, I think, coming off of some of the issues with Boeing, is going to perhaps get the most type of attention for how those woes, how they moved through some of the engine woes, and ultimately be able to be a much better supplier and continued supplier as part of that broader supply chain with Boeing, knowing the issues that Boeing is going through right now.

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SEANA SMITH: Yeah, we know GE, given the history, given the fact that it had been such a conglomerate, still pretty widely held stock within investors portfolio. So when you see a significant move like we're seeing today or earnings results that don't necessarily meet expectations by some standards, we are then going to see a reaction within shares. But again, revenue of $18.5 billion, that was better than what the Street was looking for. Also, adjusted EPS coming in ahead of expectations.

We are getting an investor day, looking ahead to the beginning of March. On Wednesday, March 6, we are going to be getting an investor day from GE Vernova and also GE Aerospace, so we'll get a little bit more insight into those two companies outlooks as we look ahead to what GE is going to look like once CEO Larry Culp's transition and transformation of the company is fully completed and also reflected there in the stock prices.