Oppenheimer affirms General Electric (NYSE: GE) with a Perform rating following the megacorporation's Q3 report issued earlier in the session.

Analyst Christopher Glynn noted that GE's Q3 EPS of $0.29 compared with the firm's $0.26 expectation. Industrial operating margin expanded to 17.3 percent, versus teh firm's 16.5 percent estimate.

Glynn observed, Backlog declined $2B sequentially to $370B, as reported total orders declined 26% (ytd down 4% organic), inclusive of significant FX headwind and a very strong comparison (LY included $6B of large 1x locomotive and aricraft engine orders), coupled with 32% organic O&G drop.

Glynn commented, Excluding P&W, revenues were about in line, and excluding margin contraction at Healthcare, segment OM performance was strong across the board, including strong at P&W despite presumed negative mix impact of strong wind growth. Overall, our early take is results pass muster.

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