General Electric Co. (NYSE: GE) reported its first-quarter financial results before the markets opened on Wednesday. The firm said that it had $0.05 in earnings per share (EPS) and $20.52 billion in revenue, compared with consensus estimates of $0.08 in EPS and revenue of $20.21 billion. The same period of last year reportedly had EPS of $0.13 on $27.29 billion in revenue.
During the latest quarter, total orders came in at $19.5 billion, a decrease of 5% year over year. On an organic basis, orders decreased by 3%.
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In terms of its segments, the company reported as follows:
- Power revenues decreased 13% year over year to $4.03 billion.
- Renewable Energy revenues increased 26% to $3.19 billion.
- Aviation revenues decreased by 13% to $6.89 billion.
- Healthcare revenues increased by 1% to $4.73 billion.
- Capital revenues decreased 14% to $1.92 billion.
Considering the evolving nature of the COVID-19 pandemic, GE opted not to issue any guidance for the coming quarter or full year. In fact, on April 9, 2020, GE withdrew its guidance for 2020. Consensus estimates are calling for $0.33 in EPS and $82.44 billion in revenue for the full year.
H. Lawrence Culp Jr., GE’s board chair and chief executive, commented:
During this unprecedented pandemic, the GE team is focused on protecting the safety of our employees and communities, serving customers in their critical time of need, and preserving our strength for the long term. GE is delivering critical infrastructure and services across the globe, including our teams at Healthcare supporting caregivers who diagnose and treat COVID-19 patients every day.
General Electric stock traded up fractionally early Wednesday at $6.84, in a 52-week range of $5.90 to $13.26. The consensus price target is $9.33.
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