قالب وردپرس درنا توس
Home / Business / General Electric Q3 2019 earnings beat, GE raises 2019 forecast

General Electric Q3 2019 earnings beat, GE raises 2019 forecast



General Electric's stock rose on Wednesday after the industrial conglomerate raised its 2019 cash flow forecast and reported adjusted third-quarter earnings and revenue that topped analysts' expectations. On a non-adjusted basis, GE still lost $ 9.5 billion in the quarter.

GE shares rose 4% in premarket trading from its previous close to $ 9.07 a share.

Here's what the company reported versus what Wall Street expected:

  • EPS: adjusted 15 cents a share, vs. 11 cents a share expected, according to analysts surveyed by Refinitive.
  • Revenue: $ 23.36 billion, vs. $ 22.93 billion expected, according to analysts surveyed by Refinitiv.

GE and Chairman Larry Culp said in a statement.

GE's closely watched industrial free cash flow FCF), which is used as a gauge of efficiency, totaled $ 650 million. Essentially, FCF is left over after a company pays for operating expenses and capital spending. The company increased its 201

9 forecast for $ 2 billion to $ 2 billion.

"We are raising our industrial free cash flow outlook again with external headwinds from the 737 Max and tariffs, "Culp said.

On the whole, GE reported a consolidated net loss of $ 9.5 billion for the third-quarter. <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> -over-year, to $ 3.9 billion from $ 4.6 billion, 30%. But Power recorded a $ 144 million loss, improved 79% from the $ 676 million lost the unit reported for the same period last year.

"I'm relieved; "What's going on at Boeing," Melius Research analyst Scott Davis said on CNBC's "Squawk Box." Davis has a buy rating on GE's stock.

GE's key aviation business has logged an 8% increase in revenue from the same quarter last year to $ 8.1 billion from $ 7.5 billion. The company continues to operate on the Boeing 737 MAX. GE makes the LEAP engines used on Boeing's top-selling airplane. But GE sold 455 LEAP engines during the quarter, 50% more than the same time one year ago even as the company continues to work "through MAX" issues.


Source link