GE Swings To Profit In Q1, Results Top Estimates

(RTTNews) - Industrial conglomerate General Electric Co. (GE) reported Tuesday a net income attributable to common shareowners for the first quarter of $6.71 per share, compared to net loss of $1.08 per share in the prior-year quarter.

Earnings from continuing operations attributable to common shareowners was $6.10 billion or $5.56 per share, compared to loss from continuing operations of $1.27 billion or $1.16 per share in the year-ago quarter.

Excluding items, adjusted earnings per share for the quarter were $0.27, compared to last year's adjusted loss per share of $0.09. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues for the quarter grew 14 percent to $14.49 billion from $12.68 billion in the same quarter last year. Adjusted revenues were $13.70 billion, compared to $11.91 billion last year. Analysts expected revenues of $13.36 billion for the quarter. Organic revenue was up 17 percent.

Total orders for the quarter grew 25 percent to $17.6 billion and increased 26 percent organically.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $1.70 to $2.00 per share on organic revenue growth in the high-single-digit range.

Previously, the company expected adjusted earnings in a range of $1.60 to $2.00 per share on organic revenue growth in the high-single-digit range.

The Street is currently looking for earnings of $1.98 per share on revenue decline of 19.3 percent to $61.75 billion for the year.

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