General Electric sees FY23 adjusted EPS $1.60-$2.00, consensus $2.37

Sees FY23 free cash flow $3.4B-$4.2B. GE announced the following business outlooks for full year 2023:GE Aerospace: Organic revenue to grow mid-to-high teens; Operating profit of $5.3 billion – $5.7 billion; Free cash flow up. GE Vernova: Organic revenue to grow low-to-mid single digits; Operating profit of $(0.6) billion – $(0.2) billion; Free cash flow flat to slightly improved. GE’s full year outlook reflects a higher services concentration in the portfolio, as well as confidence in the strength of GE Aerospace as the worldwide commercial aviation industry continues its post-pandemic recovery. GE also anticipates that Military revenue growth will yield significant profit growth for GE Aerospace in 2023. The outlook for GE Vernova reflects profit improvement at both businesses. GE expects flat-to-slight improvement in free cash flow driven largely by better profitability and planned down payments in Onshore, where timing could shift across quarters, and some offset from Offshore increasing deliveries. Across GE, continued operational improvements are expected to deliver higher earnings and improved working capital management, driving higher cash flow for GE in 2023.