General Electric (GE) Tops Q1 EPS by 1c

(Updated - April 17, 2015 6:32 AM EDT)

General Electric (NYSE: GE) reported Q1 EPS of $0.31, $0.01 better than the analyst estimate of $0.30. Revenue for the quarter came in at $29.4 billion versus the consensus estimate of $34.27 billion.

CEO Jeff Immelt commented, GE performed well in the first quarter, in an environment that remains volatile but with continued growth opportunities in infrastructure. This was an important quarter for GE. We delivered good first-quarter results in our industrial businesses, with 14% growth in operating EPS. And last week, we announced a new plan to create a simpler, more valuable industrial company by selling most GE Capital assets, a major step in our strategy to focus GE around its competitive advantages. We are reshaping the company.

Key highlights:

• Industrial segment profit +9%, with 5 of 7 segments growing earnings
• Industrial segment revenue $24.4 billion, -1%, +3% organic; FX impact of ~$(950) million
• Oil & Gas revenue flat and operating profit +11%, on organic basis
• Industrial segment gross margins 26.2%, +90 bps
• Industrial segment operating profit margins 14.6%, +120 bps
• Industrial segment growth market revenue +6%, strength in Middle East, Latin America, Africa, China, India
• Record backlog of $263 billion +7% vs. 1Q’14
• GE Capital ENI (ex. liquidity) at $303 billion, -19% vs. 1Q’14
• On track for Industrial EPS goal of $1.10-1.20 for 2015

The company's Q1 presentation is embedded below:

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