General Electric Co announced an upward revision to its full-year earnings forecast on Tuesday after reporting higher than expected third-quarter profit.
The Boston-based company now expects 2021 adjusted profit in the range of $1.80 to $2.10 per share compared with $1.20 to $2.00 per share estimated previously.
The industrial conglomerate, however, said it is facing a "challenging" operating environment including from global supply chain disruptions and onshore wind market pressure because of uncertainty over whether production tax credits will be extended over the long term in U.S. President Joe Biden's infrastructure bill.
GE said it expects revenue growth, margin expansion, and higher free cash flow next year. However, it narrowed free cash flow estimates for 2021 to $3.75 billion-$4.75 billion from $3.5 billion-$5.0 billion forecast earlier.
Adjusted profit for the third quarter came in at 57 cents a share. Analysts on average expected GE to report an adjusted profit of 43 cents per share, according to Refinitiv data.
General Electric Co shares rose nearly 2% in premarket trading.
