General Electric Reports In-line
General Electric (GE) reported 1st Quarter March 2020 earnings of $0.05 per share on revenue of $20.5 billion. The consensus earnings estimate was $0.06 per share on revenue of $20.7 billion. The Earnings Whisper number was $0.05 per share. Revenue fell 24.8% compared to the same quarter a year ago.
General Electric Co is a diversified company with products & services that range from aircraft engines, power generation, oil & gas production equipment, & household appliances to medical imaging, business & consumer financing and industrial products.
GE ANNOUNCES FIRST QUARTER 2020 RESULTS
BOSTON — April 29, 2020 — GE (NYSE:GE) announced results today for the first quarter ending March 31, 2020.
GE Chairman and CEO H. Lawrence Culp, Jr. said, “During this unprecedented pandemic, the GE team is focused on
protecting the safety of our employees and communities, serving customers in their critical time of need, and
preserving our strength for the long term. GE is delivering critical infrastructure and services across the globe,
including our teams at Healthcare supporting caregivers who diagnose and treat COVID-19 patients every day."
Culp continued, “The impact from COVID-19 materially challenged our first-quarter results, especially in Aviation,
where we saw a dramatic decline in commercial aerospace as the virus spread globally in March. We are targeting
more than $2 billion in operational cost out and $3 billion of cash preservation to mitigate the financial impact, and
we executed a series of actions to de-risk and de-lever our balance sheet amid a challenging environment. While
there are many unknowns, there will be another side—planes will fly again, healthcare will normalize and
modernize, and the world still needs more efficient, resilient energy. We're embracing today's reality and
accelerating our multi-year transformation to make GE a stronger, nimbler, and more valuable company."
COVID-19 challenged first-quarter results; taking swift action to mitigate impact and solidify financial position
- Total orders $19.5B, (5)%; organic orders (3)%
- Total revenues (GAAP) $20.5B, (8)%; Industrial organic revenues* $18.9B, (5)%
- Industrial profit margin (GAAP) of 34.9%, +2,960 bps; adjusted Industrial profit margin* 5.8%, (410) bps
- Continuing EPS (GAAP) of $0.72, including a $11.1 billion after-tax gain following the sale of BioPharma
and a $4.6 billion after-tax unrealized loss on marking GE's investment in Baker Hughes to market;
adjusted EPS* $0.05
- GE CFOA (GAAP) $(1.7)B; Industrial free cash flow* $(2.2)B
For the full press release, please go here.