General Electric Reports Q1 Earnings Beat, But Full-Year Guidance Falls Short Of Expectations
General Electric said that it earned $0.21 per share in the first quarter on revenue of $27.6 billion. Wall Street analysts were expecting the company to earn $0.19 per share on revenue of $27.7 billion.
General Electric reported a loss of $98 million in the quarter versus a loss of $13.57 billion a year ago as last year's results were impacted by a $6.3 billion income-tax provision and an $8.94 billion loss from discontinued operations.
Industrial operating profit fell 3 percent in the quarter to $2.883 billion, profit in the oil-and-gas business fell 37 percent to $308 million due to a 18 percent drop in revenue. Operating profit in the transportation sector also fell 27 percent to $164 million given a 25 percent drop in revenue.
Looking forward, General Electric reaffirmed its earnings per share guidance to a range of $1.45 to $1.55 per share, which falls short of the $1.71 per share analysts were expecting.
Jeff Immelt, chairman and CEO of General Electric said, "A transformed GE is well positioned to deliver for shareholders. Today our portfolio is simpler and stronger. We are ahead of the GE Capital exit plan with $166 billion in deals signed. We are already seeing valuable synergies from the Alstom acquisition. Our investments in GE Digital have positioned us as the leader in the Industrial Internet. We opened Predix in the first quarter and have more than 7,500 developers registered. GE is executing well and is on track to meet its investor goals for 2016."
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.