3 Industrial Stocks That Are Heating Up Right Now
Three very different companies raised their full-year guidance in their recent results, and all look set for multi-year growth. Here's why aerospace, power, and renewable energy company General Electric (NYSE: GE), U.S. automation leader Rockwell Automation (NYSE: ROK), and electrical products maker nVent Electric (NYSE: NVT) are building momentum in 2023.
With its healthcare spinoff completed, GE is preparing to spin off GE Vernova (a business comprising GE Power and GE Renewable Energy) in early 2024. The good news ahead of that event is all three of its businesses are improving.
Indeed, a combination of better-than-expected performance in the first quarter and a 26% increase in orders in the quarter led management to raise the low end of its earnings and free cash flow (FCF) guidance for 2023. Management now expects full-year EPS of $1.70-$2, compared to $1.60-$2 previously. FCF is now forecast to be $3.6 billion to $4.2 billion, compared to $3.4 billion to $4.2 billion previously.
Source Fool.com
