GE Aerospace儘管面臨關稅挑戰，但仍擊敗了第一季度的收益期望

GE Aerospace週二發布了令人印象深刻的第一季度收益，擊敗了華爾街的期望，並保持了全年前景，儘管新關稅可能挑戰。飛機發動機製造商在充滿挑戰的經濟環境中表現出韌性。

GE Aerospace beat earnings expectations for the first quarter and kept its full-year outlook despite disclosing that new tariffs could reduce earnings by 20 to 40 cents per share.

GE Aerospace在第一季度擊敗了收益期望，並保持了全年前景，儘管新關稅可以將收入降低20至40美分。

The aircraft engine maker also reported strong operating profit and increased its sales outlook, showcasing resilience in a challenging economic environment.

飛機發動機製造商還報告了大量的營業利潤並提高了其銷售前景，並在充滿挑戰的經濟環境中展示了韌性。

Early Tuesday, GE (NYSE:) Aerospace reported earnings per share of $1.49 on revenue of $9 billion to $9.94 billion. This outpaced the projections of $1.26 to $1.27 per share on revenue of $8.99 billion, according to the estimations of analysts polled by Bloomberg. Operating profit reached $2.1 billion, exceeding Wall Street’s prediction of $1.9 billion.

週二早些時候，GE（NYSE :)航空航天報告的每股收益為1.49美元，收入為90億美元至99.4億美元。根據彭博社報導的分析師的估計，這超過了每股1.26至1.27美元的預測，收入為89.9億美元。營業利潤達到21億美元，超過華爾街的預測19億美元。

This performance marks substantial growth from a year earlier. In Q1 2024, GE’s aerospace segment reported an operating profit of $1.5 billion from sales of $8.1 billion.

這種表現標誌著一年前的大幅增長。在2024年第1季度，GE的航空航天部門報告的營業利潤為15億美元，銷售額為81億美元。

Investors responded positively to the news. GE shares rose 1.4% in premarket trading to $180.84, while broader market indices also showed gains.

投資者對新聞做出了積極回應。 GE股價上漲了1.4％，預售交易至180.84美元，而更廣泛的市場指數也顯示出收益。

The earnings report comes amid concerns about the impact of tariffs on the aerospace industry.

收益報告是出於對關稅對航空航天行業的影響的擔憂而出現的。

highlighting these worries in its own guidance.

在自己的指導下強調這些擔憂。

“The macroeconomic dynamics we are operating in today require us to take a number of strategic actions, such as controlling costs, and leveraging available trade programs in order to mitigate the impact of tariffs and other external factors,” said CEO Larry Culp in a statement.

首席執行官拉里·科爾普（Larry Culp）在一份聲明中說：“我們今天正在運行的宏觀經濟動態要求我們採取許多戰略行動，例如控製成本，並利用可用的貿易計劃，以減輕關稅和其他外部因素的影響。”

The company plans to counter tariff impacts through several measures. These include optimizing operations to reduce costs and maximize efficiency, leveraging existing programs and government initiatives to offset tariff burdens, and implementing pricing actions in response to changing market conditions.

該公司計劃通過多種措施來應對關稅。這些包括優化運營，以降低成本並最大化效率，利用現有計劃和政府計劃以抵消關稅負擔，並對不斷變化的市場狀況採取定價行動。

Unlike some competitors, GE Aerospace maintained its full-year guidance despite tariff concerns. For instance, 3M (NYSE:) also kept its EPS guidance range unchanged but warned that tariffs could reduce it by 20 to 40 cents.

與某些競爭對手不同，儘管擔心了關稅，GE Aerospace仍保持了全年指導。例如，3M（紐約證券交易所：）還保持其EPS指導範圍不變，但警告說，關稅可以將其降低20至40美分。

One specific concern involves Chinese tariffs of 125% on U.S. imports, which began in August after a ruling by China's Ministry of Commerce. These tariffs have reportedly led some Chinese airlines to refuse delivery of Boeing (NYSE:) 737 MAX jets, which are powered by GE engines.

一個具體的問題涉及中國進口商品的125％的中國關稅，該關稅始於中國商務部裁決後的八月。據報導，這些關稅已導致一些中國航空公司拒絕交付波音（紐約證券交易所：:) 737 Max Jets，該飛機由GE發動機提供動力。

Despite these challenges, GE Aerospace has raised its sales guidance. The company now expects to grow sales by a low double-digit percentage, up from the 10% increase projected in January.

儘管面臨這些挑戰，但GE航空航天仍提高了其銷售指導。該公司現在預計，比一月份預計的10％增長的銷售額將增長較低的兩位數百分比。

However, its profit guidance remained steady. The midpoint of its range of operating profit forecasts stays at $8 billion, with EPS around $5.30. In contrast, Wall Street analysts are projecting EPS of $5.42.

但是，其利潤指導保持穩定。其營業利潤範圍預測的中點為80億美元，每股收益約為5.30美元。相比之下，華爾街分析師預計每股收益為5.42美元。

The company points to its substantial backlog as a reason for confidence. GE Aerospace has a commercial services backlog exceeding $140 billion, providing stability amid economic uncertainties.

該公司將其大量積壓作為信心的原因。 GE Aerospace的商業服務積壓超過1400億美元，在經濟不確定性的情況下提供了穩定。

In a sign of long-term confidence, the company announced plans to invest nearly $1 billion in its U.S. factories and supply chain this year. This represents roughly double what it spent on these areas in 2024.

為了長期信心，該公司宣布了今年在其美國工廠和供應鏈上投資近10億美元的計劃。這大約代表了2024年在這些地區花費的一倍。

Tuesday’s report comes just after GE Aerospace completed one year as a standalone company following its separation from GE Vernova. The division, which focuses on renewable energy, coal-fired power plants, and oil and gas, was spun off in April 2024.

週二的報告是在GE Aerospace與GE Vernova分開後成為獨立公司一年後完成的。該師於2024年4月旋轉著重點介紹可再生能源，燃煤電廠以及石油和天然氣。

The stock has shown resilience compared to the broader market. Since the November 5 presidential election, GE Aerospace stock has risen 2%, while the S&P 500 and Dow Jones Industrial Average have declined 11% and 10%, respectively.

與更廣泛的市場相比，該股票顯示出彈性。自11月5日總統大選以來，GE Aerospace股票上漲了2％，而標準普爾500號和道瓊斯工業平均水平分別下降了11％和10％。

suggest optimistic about the company’s prospects. All 10 brokers tracked by Visible Alpha rate the stock a “buy,” with an average price target of $224.90. This potential upside of about 26% from Tuesday’s opening price.

對公司的前景表示樂觀。通過可見alpha跟踪的所有10家經紀人對股票的“買入”為“買入”，平均價格目標為224.90美元。從周二的開放價格開始，這種潛在的上升空間約為26％。

The current valuation leaves GE Aerospace shares trading at about 34 times estimated 2025 earnings. This is slightly lower than the approximately 36 times earnings multiple from a year ago.

當前的估值使GE Aerospace股票的交易量約為34倍，估計為2025收益。這比一年前的收益大約36倍。

Options markets suggest the stock may move about 5% following the earnings announcement. In the prior four earnings reports, shares moved about 7%, rising three times and falling once.

期權市場表明，在收益公告之後，股票可能會佔5％。在前四項收益報告中，股票的提高了約7％，增長了三次，下降了一次。

The company's ability to maintain guidance while disclosing the potential impact of tariffs showcases management's confidence in their mitigation strategies.

該公司保持指導的能力，同時披露關稅的潛在影響，展示了管理層對緩解策略的信心。

As GE navigates current trade tensions and continues its growth trajectory, it will be interesting to see how investors react to the new earnings report and the implications for the company's valuation.

當GE導航當前的貿易緊張局勢並繼續其增長軌跡時，很有趣的是，投資者對新收入報告的反應以及對公司估值的影響。

Moreover, robust backlog and planned U.S. investment present a compelling case for the aerospace manufacturer’s resilience in challenging market conditions.

此外，強勁的積壓和計劃的美國投資提出了一個令人信服的案例，用於航空航天製造商在具有挑戰性的市場條件下的韌性。