UPDATE: General Electric (GE) Tops Q1 EPS by 2c
General Electric (NYSE: GE) reported Q1 EPS of $0.21, $0.02 better than the analyst estimate of $0.19. Revenue for the quarter came in at $27.6 billion versus the consensus estimate of $27.67 billion.
HIGHLIGHTS
- Industrial operating + Verticals EPS $0.21, +5%; Industrial segments include $(0.02) total FX impact
- Industrial margins */** 12.8% +30 bps, +110 bps, ex. FX
- Industrial segment organic revenues –1%; No change to +2-4% framework for year, higher Power shipments in 2H’16
- GE CFOA $7.9 billion, 6X; Industrial CFOA $0.4 billion, -60%
- Orders +1%, -7% organic; services +4% organic; strong organic growth in Power +25% and in Renewable Energy +88%
- GE Digital orders $1.2 billion, +29%
- $316 billion backlog, +18% vs. 1Q’15, +7% excluding Alstom
- Alstom EPS impact of $(0.01); on track to deliver ~$0.05 in 2016
- $8.3 billion returned to shareholders; $6.1 billion through buyback
- $(0.7) billion pretax in restructuring and other items
“GE continues to deliver in a volatile environment and performed well in the first quarter. Our teams delivered $0.21 of earnings per share that included $(0.02) of total FX impact in the industrial segments. The Oil & Gas environment is challenging and the value of GE is that we are able to offset this with better performance across the portfolio. We arereaffirming our guidance for 2016 of $1.45–$1.55 EPS, 2–4% organic growth, margin expansion and returning $26 billion to shareholders.” -Jeff Immelt, Chairman and CEO
For earnings history and earnings-related data on General Electric (GE) click here.