Shares of industrial and transportation companies rose after a strong report from one aerospace firm.

GE Aerospace rallied after the maker of jet engines posted first-quarter earnings ahead of the Wall Street peg and raised its operating income projection. GE Aero forecast 2024 operating profit of $6.2 billion to $6.6 billion, up from a March estimate of $6 billion to $6.5 billion.

General Motors raised its 2024 profit projection helped by a rebound in demand for gas-powered trucks and sport-utility vehicles.

United Parcel Service rose after the package-delivery giant posted first-quarter earnings above the Wall Street peg.

In a disquieting sign for global economic activity, Swiss logistics giant Kuehne + Nagel said demand stabilized in the first quarter for sea transport and air logistics, but warned the overall environment remained challenging.

Among equipment rental firms, shares of Herc Holdings advanced after the company posted stronger first-quarter earnings and revenue than analysts had been expecting. Ryder System shares rose after the provider of moving vans reported better than expected adjusted earnings and revenue in the first quarter thanks to used vehicles results and cost-savings efforts.

Lockheed Martin shares rose after the defense contractor posted first-quarter earnings and sales ahead of Wall Street targets.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

04-23-24 1732ET