General Electric Beats
General Electric (GE) reported 2nd Quarter June 2017 earnings of $0.28 per share on revenue of $29.6 billion. The consensus earnings estimate was $0.25 per share on revenue of $29.1 billion. The Earnings Whisper number was $0.26 per share. Revenue fell 11.8% compared to the same quarter a year ago.
The company said in its supplemental earnings report it continues to expect 2017 earnings of $1.60 to $1.70 per share. The current consensus earnings estimate is $1.62 per share for the year ending December 31, 2017.
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 2Q 2017 EARNINGS
“GE’s portfolio enables us to execute in a slow-growth, volatile environment, with Industrial segment organic revenues* +2%
and orders +6%. We delivered $0.28 of Industrial operating + Verticals earnings per share* and reported Industrial operating
margin* +10 bps. GE’s Industrial CFOA*-b) for the second quarter was $1.5 billion, significantly better than first quarter and better
than second quarter last year. We expect cash flow to continue to improve throughout the year. We’ve reduced our Industrial
structural costs* year to date by $670 million and we are on track to meet or exceed our $1 billion cost reduction target for the
year. The global scale of the Company, along with our ability to innovate industry-leading products and services, will help us
navigate the current environment and unlock productivity across our businesses and markets.”
—Jeff Immelt, Chairman and CEO
Continuing operations EPS (GAAP) of $0.15, (58)%
Industrial operating + Verticals EPS (non-GAAP) of $0.28, (45)%
Industrial segment revenues $28.0 billion (2)%, +2% organically*; Industrial operating profit-a) $3.6 billion (1)%, +4% organically*
Backlog $327 billion +2% vs 2Q’16; Orders +6%
2Q’17 GE CFOA of $3.2B; $1.5 billion Industrial CFOA*-b)
YTD returned $7.8 billion in cash to shareowners; $3.6 billion through buyback
For the full press release, please go here