General Electric Co. (NYSE: GE) released its second-quarter financial results before the markets opened on Friday. The company said that it had $0.19 in earnings per share (EPS) and $30.1 billion in revenue, while consensus estimates had called for $0.18 in EPS and revenue of $29.31 billion. The same period of last year reportedly had EPS of $0.28 and $29.56 billion in revenue.
With this quarter it seems that GE is progressing on the plans to make the company simpler and stronger. So far it has closed the Industrial Solutions and Value-Based Care transactions; announced plans to separate GE Healthcare into a standalone company over 12 to 18 months, pursue an orderly separation of Baker Hughes over two to three years and combine GE Transportation with Wabtec; and announced the sale of Distributed Power to Advent International for $3.25 billion.
In terms of its segments, GE reported quarterly numbers as:
- Power revenues decreased 19% year over year to $7.58 billion.
- Renewable Energy revenues decreased 29% to $1.65 billion
- Oil & Gas revenues increased 85% to $5.55 billion
- Aviation revenues increased 13% to $7.52 billion.
- Healthcare revenues increased 6% to $4.98 billion.
- Transportation revenues decreased 13% to $942 million.
- Lighting revenues decreased 9% to $431 million.
Looking ahead to the full year, the company expects to see EPS in the range of $1.00 to $1.07. The consensus estimates call for $0.95 in EPS and $121.07 billion in revenue for the full year as well.
John Flannery, GE board chair and chief executive, commented:
With our strategic review now complete, GE is moving forward to implement the strategy and structure we laid out in June. Our focus is on unrelenting execution of this plan to improve operating results, strengthen our balance sheet, accelerate growth across our businesses, and increase shareholder value.
Shares of GE closed Thursday at $13.73, with a consensus analyst price target of $17.21 and a 52-week range of $12.61 to $26.01. Following the announcement, the stock was up about 1% at $13.88 in early trading indications Friday.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
