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General Electric declined 3% to $127.30 after the industrial engineering company estimated weaker-than-expected first quarter results.

The company's fourth-quarter results were ahead of market expectations, but investors focused on the current quarter's business conditions.

Total revenue in the fourth quarter increased 15% to $19.4 billion from $16.8 billion, net income declined 28% to $1.6 billion from $2.2 billion, and diluted earnings per share dropped to $1.44 from $1.53 a year ago.

For the first quarter of 2024, GE expects to deliver "high-single-digit" revenue growth, adjusted earnings per share of 60 cents to 65 cents, and free cash flow "in-line with net income growth."

The company repurchased approximately 2.2 million common shares for $0.3 billion in the fourth quarter, bringing the total common shares repurchased under the program in 2023 to approximately 10.6 million shares for $1.1 billion.

In addition, the company redeemed all outstanding preferred stock for $5.8 billion during 2023.

23 Jan, 2024

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