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The
Boston, Massachusetts-based company said adjusted profit for the
quarter through December was $1.77 billion, compared with $1.37
billion reported a year earlier.
Shares of the company fell 2.8% in premarket trading.
GE's aviation business is riding a surge in demand for
aftermarket services as a strong rebound in travel and a
shortage of new jets prompt airlines to keep their planes in the
air for longer periods.
CFM International, GE's joint venture with France's Safran SA,
is an engine supplier for Boeing Co's 737 MAX jetliners and
competes with RTX's Pratt & Whitney to power Airbus' 320neo
jets.
"The recent Alaska Airlines accident makes the commercial
aerospace aftermarket once again the safest portion of the
sector into earnings, with demand robust and pricing power
firmly intact," J.P. Morgan analyst Seth Seifman wrote in a note
last week.
Losses at GE's renewable business narrowed to $347 million from
$454 million a year earlier, largely helped by cost cuts.
The renewable business has struggled due to a combination of
weak demand and higher costs of raw materials and labor.
GE, which completed the separation of its healthcare unit, said
on Tuesday it would spin off its energy businesses, including
renewables, into a separate company in early April.
On a per-share basis, adjusted profit was $1.03 per share,
compared with 66 cents a year earlier. Total revenue rose 15% to
$19.42 billion.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil
D'Silva)
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