Supply chain constraints and issues at Boeing (NYSE: BA) are rippling through to suppliers including GE Aerospace (NYSE: GE), leading GE Aerospace to report quarterly revenue on Tuesday that came in below Wall Street expectations.

Investors are running from the shares despite what was otherwise a solid quarter, with the stock down 8% around 1 p.m. ET.

Strength in services

GE Aerospace is one of the world's largest makers of aircraft engines and other aerospace parts, including electronics and interior systems. The company reported third-quarter earnings of $1.15 per share on revenue of $8.9 billion, beating earnings expectations by a penny but falling short of the consensus $9.4 billion revenue estimate.

Boeing's new plane production is well below expectations, leading to some weakness in new plane engine sales, but GE grew services revenue by 10% thanks to higher spare part sales. Overall, the commercial engine and services segment grew revenue by 8% year-over-year, which was down from 14% growth in the previous quarter.

Total orders increased by 28% in the quarter to $12.6 billion.

Is GE Aerospace a buy?

Boeing production has almost nowhere to go but up, and GE CEO Larry Culp on the call with analysts said GE remains committed to supporting Boeing and sees great potential in supplying engines to new airframes including the 777X.

The company raised full-year 2024 earnings and free cash flow guidance and is putting cash to work repurchasing shares.

There's a lot of reason for long-term holders to be optimistic about this business, but with the stock up 30% in just the last six months prior to the earnings release, Wall Street was not in a forgiving mood. However, for those willing to ride out the turbulence, the drop could be a buying opportunity.

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