Q2 Preview: Low Expectations Have Analysts Betting on a GE (GE) Beat
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Price: $344.64 -3.25%
Financial Fact:
Cost of services sold: 5.71B
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Cost of services sold: 5.71B
Today's EPS Names:
EDXC, BICX, FBPI, More
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Traders are buying shares of GE (NYSE: GE) Thursday before the conglomerates second-quarter earnings report Friday. GE normally reports results between 6:30am and 6:45am ET.
GE shares are now up 2 percent to $19.18.
Wall Street analysts are currently looking for General Electric to post quarterly earnings of 32 cents per share on revenue of $34.72 billion. Last quarter, GE reported EPS of 31 cents on sales of $34.82 billion. During the second quarter of 2010, GE saw earnings come in at 10 cents per share on revenue of $37.44 billion. The company has had an average "beat" rate of 12.6% over the last three quarter, according to data at EPS Insider.
Shares of GE are up 4.9 percent so far this year, compared to a 6.9 percent rise in the S&P 500. Shares are down 5.8% since reporting Q1 results on April 21.
According to data from Bloomberg, 14 analyst firms have "buy" ratings on the stock, 8 have a "hold" and none have a "sell" rating.
Analyst Comments:
GE shares are now up 2 percent to $19.18.
Wall Street analysts are currently looking for General Electric to post quarterly earnings of 32 cents per share on revenue of $34.72 billion. Last quarter, GE reported EPS of 31 cents on sales of $34.82 billion. During the second quarter of 2010, GE saw earnings come in at 10 cents per share on revenue of $37.44 billion. The company has had an average "beat" rate of 12.6% over the last three quarter, according to data at EPS Insider.
Shares of GE are up 4.9 percent so far this year, compared to a 6.9 percent rise in the S&P 500. Shares are down 5.8% since reporting Q1 results on April 21.
According to data from Bloomberg, 14 analyst firms have "buy" ratings on the stock, 8 have a "hold" and none have a "sell" rating.
Analyst Comments:
- JPMorgan - Sees a 1-2 cent per share beat. "Similar to 1Q, we see a low expectations quarter for GE, but this time with the potential for a clean upside result at Industrial (Aviation/Healthcare offsetting a weak Energy quarter)." Firm says it would be long into the stock. Key issues to focus on: "(1) What is the status of discussions with regulators (i.e., the Fed) around a potential GECS dividend? (2) More detailed outlook on 2H11 gas turbine shipments? (3) Any signs of price bottoming in Wind?" Maintains Overweight rating and $22 price target.
- Goldman Sachs - Looking for EPS of 33 cents on sales of $34.2 billion, including $11.5 billion in sales from GE Capital. "...We remain constructive on an acceleration across GE’s late cycle industrial portfolio, expect sentiment to turn more positive on GE Capital given high visibility on a multi-year decline in
credit losses and earnings growth, and as cash return to shareholders is likely to accelerate." Reiterates Buy and $24 price target.
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