GE Aerospace凭借发动机服务业务，利润超出预期7%，备件销售增长20%、服务业务增长17%；公司上调了全年指引，但这意味着第四季度将低于预期，因1月航班计划大幅减少。按40倍利润估值，周期尚未崩塌，但已处于最后阶段。
逐段跳播
通用电气航空航天公司表现出了惊人的强劲业绩，由其发动机部门引领，利润超出预期7%。这部分要归功于Tyler，我们已经多次讨论过这一点。这一业绩的很大一部分也归功于服务部门。这不是关于销售全新的发动机，而是关于密集运行这些发动机。它需要维护。
General Electric Aerospace has delivered a surprisingly strong performance, led by its engine division , with profits exceeding expectations by 7%. This is partly thanks to Tyler, and we've talked about this a lot.
A large part of this performance is also due to the services sector. It's not about selling brand new engines , it's about running these engines intensively. It needs maintenance.
发动机部门的备件销售增长了20%。至于通用电气目前提供的服务，它们增长了17%。我相信航空公司已经表示，他们将在假日季保持强劲表现，但按照当前的需求趋势，航班时刻表将在1月份出现急剧下降。我认为通用电气也意识到了这一点。
Sales of spare parts increased by 20% in the engine sector. As for the services that General Electric currently provides, they have increased by 17%. I believe airlines have stated that they will maintain their strong performance during the holiday season, but with current demand trends, flight schedules will see a sharp decline in January.
And I think General Electric is aware of that too.
有趣的是，它上调了全年利润预测，但超出了预期。所以，如果我们把全年预测加上我们已知的三个季度的结果，修正后的预测表明第四季度将低于预期。
Interestingly, it raised its profit forecast for the entire year, but it exceeded expectations. So, if we take the full-year forecast and add to it the results of the three quarters that we know, the revised forecast indicates that the fourth quarter will be below expectations.
我认为这里的要点是，周期并没有崩溃，但我们正处于其最后阶段，而你现在以40倍利润的价格买入。我认为市场有理由忽视这些事情；这不是世界末日，但似乎已处于周期后期。
I think the takeaway here is that the cycle hasn't collapsed , but we're in its final stages, and you're now buying at a price that's 40 times the profit. I think the market is right to disregard these things ; it's not the end of the world, but it seems to be late in the cycle.