General Electric (GE) Tops Q3 EPS by 1c

General Electric (NYSE: GE) reported Q3 EPS of $0.38, $0.01 better than the analyst estimate of $0.37. Revenue for the quarter came in at $36.2 billion versus the consensus estimate of $36.8 billion.

• 3Q Industrial segment profit +9%, YTD +10%
• 3Q Industrial segment organic revenues +4%, YTD +5%
• 3Q margins +90 bps, YTD +50 bps
• 3Q orders +22%, Growth market orders +34%, U.S. orders +25%
• Cash generation of $7.2 billion year-to-date, $3.8 billion generated in 3Q
• GE Capital ENI (excluding cash and equivalents) at $365 billion, down 5% vs. year-ago

“GE performed well in the quarter, with industrial segment profit growth of 9% and significant margin expansion,” said GE Chairman and CEO Jeff Immelt. “The environment is volatile, but infrastructure growth opportunities exist, and GE is executing well. This is reflected in healthy order growth and margin expansion. During the quarter we continued to execute on our portfolio strategy, including the successful IPO of Synchrony Financial and announcing the sale of our Appliances business.”

GE’s backlog of equipment and services at the end of the quarter was a record $250 billion, up $21 billion over the year-ago period. New technologies drove a 31% increase in equipment orders in the quarter; these included orders for more than 1,000 Tier 4-compliant locomotives, 4 HA gas turbines, and launch orders for the GE9X aircraft engine. Services orders grew 10% in the quarter. As part of GE’s strategy to grow its services business, the Company also announced in October the opening of its Predix Industrial Internet platform to all users starting in 2015, and that GE Predictivity™ solutions revenues are expected to exceed $1 billion in 2014.

For earnings history and earnings-related data on General Electric (GE) click here.

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