General Electric (NYSE: GE) the U.S. conglomerate reported earnings for its fourth quarter of FY22. Adjusted earnings per share came in at $1.24, a jump of 51% year-over-year and surpassing analysts’ consensus estimate of $1.15 per share.
GE clocked revenues of $21.8 billion, up 7% year-over-year but missing analysts’ expectations by $310 million. The fourth quarter results included the operations of GE HealthCare Technologies (GE HealthCare), which was spun off earlier this year.
Looking forward, management now expects revenues to grow in the high single digits while adjusted earnings per share in FY23 are expected to come in the range of $1.60 to $2. For reference, analysts are expecting an adjusted EPS of $2.44.
Overall, Wall Street analysts are bullish about GE stock with a Strong Buy consensus rating based on 10 Buys and three Holds. Analysts have a consensus price target of $81.46 on the stock, implying an upside potential of 3.1% at current levels.