GE earns adjusted $0.21 per share, flat year on year
Industrial and energy giant General Electric Co. saw revenue in the first quarter edge 1% lower from the same period of 2016, to $27.66 billion, while net earnings came in at $619 million or seven cents per share. The result compares to a loss of $61 million or one cent, respectively, from last year. Excluding financial services, namely GE Capital, the top line rose 4% to $25.48 billion.
Widely watched industrial operating earnings including verticals, a measure stripped of nonrecurring items, were unchanged on an annual basis at $0.21 cents, said the company headquartered in Boston and incorporated in New York. Take out gains and restructuring per share, and the adjusted earnings rose three cents to $0.29. In GAAP terms, EPS from continuing operations advanced to $0.1 from just three cents.
Dividend per common share ticked up by one cent to $0.24 from 12 months before. The backlog increased 3% year on year, compared to a rise in orders by one tenth. The industrial margin shed 0.4 percentage points to 6%, while the operating gauge rallied 1.3 points to 12.6%. Organic revenue in the industrial segment rose 7% to $26 billion. The outlook for adjusted earnings per share was kept in a range between $1.6 and $1.7.
"Industrial operating cash flows were negative $1.6 billion driven primarily by an increase in working capital and timing of billings on our long-term equipment and service contracts. We expect cash flows to improve throughout the remainder of the year, with no change to our full year cash flow framework," said Jeff Immelt, chairman and chief executive.