U.S. Movers: GE Aerospace, General Motors, JetBlue, PepsiCo, UPS

Scott Peters
23 Apr, 2024
New York City

UPS increased 1.6% to $147.30 after the parcel delivery company reported better-than-expected quarterly earnings. 

Revenue in the first quarter declined 5.3% to $21.7 billion from $22.9 billion, net income plunged 41.3% to $1.1 billion from $1.9 billion, and diluted earnings per share dropped to $1.30 from $2.19 a year ago. 

The company reiterated its 2024 outlook and said consolidated revenue would range from approximately $92.0 billion to $94.5 billion and consolidated operating margin would fall between 10.0% and 10.6%. 

General Motors increased 4.9% to $45.35 after the vehicle maker reported sharply higher revenue and earnings in the first quarter. 

Revenue increased 7.6% to $43.3 billion from $39.0 billion, net income attributable to shareholders rose 24.4% to $2.98 billion to $2.35 billion, and diluted earnings per share advanced to $2.56 from $1.69 a year ago. 

The vehicle maker updated its full-year 2024 earnings outlook to a new range between $10.1 billion and $11.5 billion from the previous estimated range between $9.8 billion and $11.2 billion. 

JetBlue dropped 10.5% to $6.75 after the regional airline reported a wider loss in the first quarter. 

Revenue in the quarter declined 5.1% to $2.2 billion from $2.3 billion, net loss expanded to $716 million from $192 million, and diluted loss per share increased to $2.11 from 58 cents a year ago, respectively. 

The company estimated second-quarter revenue to fall between 6.5% and 10.5% and capital expenditures of $550 million. 

PepsiCo decreased 0.3% to $175.90 after the beverage and food maker reported mixed quarterly results. 

Revenue in the first quarter increased 2% to $18.3 billion from $17.8 billion, net income rose to $2.0 billion from $1.94 billion, and diluted earnings per share advanced to $148 from $1.40 a year ago. 

The company reiterated its full-year 2024 organic revenue growth of 4% and at least an 8% rise in core constant currency earnings per share. 

The company also projected total cash returns to shareholders of $8.2 billion, consisting of $7.2 billion in dividends and a stock repurchase of $1.0 billion. 

General Electric Aerospace soared 4% to $156.32 after the company reported better-than-expected quarterly results. 

GE Aerospace revenue in the first quarter increased 15% to $8.1 billion, and diluted earnings per share were 92 cents. 

Consolidated revenue in the quarter, which included GE Vernova prior to its spinoff, rose 11% to $16.1 billion, and diluted earnings per share rose to $1.38.

Free cash flow in the quarter was $1.7 billion. 

GE Aerospace reported new orders increased by 34% to $11 billion, reflecting strong demand for commercial engines and services. 

For the full fiscal year 204, the company estimated free cash flow to exceed $5 billion and adjusted diluted earnings per share in the range of $3.80 and $4.05. 

The company also estimated commercial jet engines and services revenue to increase in the mid-to-high teens and defense and propulsion technologies revenue to rise in the mid-to-high single-digits.