(Reuters) -General Electric Co on Tuesday pegged its full-year earnings at the lower end of its previous forecast, as persistent supply chain disruptions and rising freight and raw material costs take a toll on the industrial conglomerate.
In January, the company projected adjusted profit for the year to be in the range of $2.80 per share to $3.50 per share. It also expected to grow its profit margin by 150 basis points and to generate $5.5 billion to $6.5 billion in free cash flow.
“We’re holding the outlook range we shared in January, but as we continue to work through inflation and other evolving pressures, we’re currently trending toward the low end of the range.” GE Chief Executive Officer Larry Culp said.
The Boston-based industrial conglomerate, however, reported higher-than-expected profit in the quarter through March. Revenue for the quarter also topped Wall Street’s estimates.
(Reporting by Rajesh Kumar Singh in Chicago and Abhijith Ganapavaram in Bengaluru; Editing by Anil D’Silva and Louise Heavens)
