General Electric Beats
General Electric (GE) reported 1st Quarter March 2018 earnings of $0.16 per share on revenue of $28.7 billion. The consensus earnings estimate was $0.11 per share on revenue of $27.9 billion. The Earnings Whisper number was $0.11 per share. Revenue grew 3.6% on a year-over-year basis.
The company said it continues to expect 2018 earnings of $1.00 to $1.07 per share. The current consensus earnings estimate is $0.96 per share for the year ending December 31, 2018.
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 2018 RESULTS
- • 1Q’18 continuing operations EPS (GAAP) of $0.04
- • 1Q’18 adjusted EPS (non-GAAP) of $0.16
- • GE CFOA (GAAP) of $(1.0) billion; Adjusted GE Industrial free cash flows (non-GAAP) of $(1.7) billion-a), in line with
our plan and $1.1 billion better than prior year
- • Strong performance in Aviation, Healthcare, Renewables, and Transportation; Power and Oil & Gas industries
continue to be challenging
- • Strong cost performance in the quarter with reduction of $805 million in Industrial structural cost (non-GAAP) b)
- • Recorded reserve of $1.5 billion related to the WMC FIRREA investigation in discontinued operations
- • Recently recast historical financial information to reflect new accounting standards and methodology changes
- • Reaffirmed 2018 guidance
BOSTON – April 20, 2018 - GE (NYSE:GE) announced results today for the first quarter of 2018.
GE Chairman and CEO John Flannery said, “The first quarter is a step forward in executing on our 2018 plan and we are seeing signs of progress
in our performance. Industrial earnings, free cash flow, and margins all improved year over year. We reduced Industrial structural costs by $805
million and are on track to exceed our cost reduction goal of $2 billion in 2018.”
Flannery continued, “Aviation, Healthcare, Renewables, and Transportation grew earnings, and BHGE continues to execute on its plan. Power is
making progress on cost actions and operational and services execution, but the industry continues to be challenging and is trending softer than
our forecast. We are working to resolve legacy matters in our discontinued operations, and we recorded a reserve of $1.5 billion related to the
WMC FIRREA investigation. We are making significant progress on the $20 billion of dispositions planned for 2018 & 2019. There is no change to
our framework for 2018.”
For the full press release, please go here.