General Electric beats by $0.04, beats on revs; reaffirms FY17 EPS guidance :
- Reports Q1 (Mar) earnings of $0.21 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.17; revenues fell 0.7% year/year to $27.66 bln vs the $26.37 bln Capital IQ Consensus.
- The first quarter was a strong start to the year with organic revenues +7%, orders +10%, and Industrial operating margin +130 bps.
- Closed $7 billion of GE Capital asset sales in 1Q'17, reaching $198 billion since GE Capital Exit Plan originally announced; all major transactions are complete.
- Industrial segment revenues +1%, +7% organically; and operating profit +9%, +15% organically.
- Backlog $324 billion, +3% vs 1Q'16; Orders +10%.
- Co reaffirms guidance for FY17, sees EPS of $1.60-1.70, excluding non-recurring items, vs. $1.63 Capital IQ Consensus Estimate. Industrial op profit $17.2B (ex. gains/restructuring); Organic growth of 3-5%; Margin expansion ~100 bps; Structural cost out $1B.
- "GE is continuing its portfolio transformation and investing in innovations in GE Digital and GE Additive. Our planned combination of GE Oil & Gas and Baker Hughes-a) remains on track, and we expect the deal to close in mid-2017. We are executing a $2 billion cost out program over 2017 and 2018 to deliver more value to our customers, shareowners, and employees."
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