General Electric Company (NYSE:GE) stock was down on Friday following the release of a poor earnings report for the third quarter of 2017.
The big blow to GE stock in its earnings report for the third quarter of the year was its earnings per share of 29 cents. This is down 9% from its earnings per share of 32 cents from the same time last year. It also came in way below Wall Street’s earnings per share estimate of 49 cents for the quarter.
General Electric Company’s revenue of $33.47 billion for the third quarter of 2017 wasn’t a black mark on its earnings report. This represents a 14% increase from its revenue of $29.67 billion reported in the third quarter of 2016. It also came in above analysts’ revenue estimate of $32.56 billion.
General Electric Company saw most of its segments perform well in the third quarter of 2017, but there were a few that dragged its earnings down. Its Power segment was one of these with revenue down 4% and profit down 51% during the quarter.
GE’s Oil and Gas segment also brought down its profit with a 35% drop from the same period of the year prior. However, its revenue was up 81%. Another segment that was rough for General Electric Company was Transportation, which saw revenue drop by 14% and profit decline by 11%.
General Electric Company’s low guidance for the full year of 2017 likely didn’t help GE stock today, either. The company is expecting earnings per share for the year to range from $1.05 to $1.10. Wall Street is looking for earnings per share of $1.53 for the full year.
GE stock was down 2% as of Friday morning and is down 27% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.