General Electric (NYSE:GE) earnings for the conglomerate’s third quarter of 2019 have GE stock taking off on Wednesday. This is due to its adjusted earnings per share of 15 cents. That beats out Wall Street’s estimate of 11 cents for the quarter. Revenue of $23.36 billion is also better than analysts’ estimates of $22.93 billion for the period.
Let’s take a deeper dive into the most recent General Electric earnings report.
- Adjusted EPS is up 7.14% from 14 cents in the third quarter of 2018.
- Revenue is largely unchanged YoY from $23.39 billion.
- Operating loss of -$1.25 billion is a 94.56% improvement over -$22.96 billion.
- The General Electric earnings report also includes a net loss of -$9.47 billion.
- That’s 58.48% better than its net loss of -$22.81 billion in the same period of the year prior.
H. Lawrence Culp, Jr., Chairman and CEO of General Electric, says this about the GE stock earnings.
“Our results reflect another quarter of progress in the transformation of GE. We are encouraged by our strong backlog, organic growth, margin expansion, and positive cash trajectory amidst global macro uncertainty.”
The General Electric earnings report for Q3 2019 has it reaffirming its outlook for 2019. The company continues to expect adjusted per-share earnings to range from 55 cents to 65 cents. That puts the midpoint above Wall Street’s estimate of 57 cents for the year.
GE stock was up 9.07% as of Wednesday afternoon. The stock is also up 12.30% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.