General Electric (NYSE:GE) news has its stock running higher on Wednesday after reporting earnings results for the company’s third quarter of 2020. That’s thanks to its adjusted earnings per share of 6 cents beating out Wall Street’s adjusted losses per share of 4 cents. Its revenue of $19.42 billion also comes in above analysts’ estimates of $18.72 billion.
Let’s take a deeper dive into the General Electric earnings news below.
- Adjusted per-share earnings are down 60% from 15 cents in the same period of the year prior.
- Revenue for the quarter is sitting 17% lower than the $23.36 billion reported in the third quarter of 2019.
- Operating loss of $1.16 billion is a 10% improvement year-over-year from a loss of $1.29 billion.
- The General Electric earnings report also has its net loss coming in at $1.19 billion.
- That’s an 87% narrower net loss than the -$9.47 billion reported during the same time last year.
H. Lawrence Culp, Jr., chairman and CEO of General Electric, said this in the earnings news release.
“We are managing through a still-difficult environment with better operational execution across our businesses, and we are on track with our cost and cash actions. While our work continues, GE’s transformation is accelerating, and we expect Industrial free cash flow to be at least $2.5 billion in the fourth quarter and positive in 2021. We remain focused on unlocking upside potential for the long term.”
General Electric doesn’t include guidance in its Q3 earnings report. Even so, we know what Wall Street is expecting. That includes adjusted EPS of 7 cents on revenue of $21.8 billion for the fourth quarter of 2020.
GE stock was up 8.1% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.