General Electric misses by $0.20; guides FY17 EPS below consensus
- Reports Q3 (Sep) earnings of $0.29 per share, excluding non-recurring items, $0.20 worse thanthe Capital IQ Consensus of $0.49; revenues rose 11% year/year to $33.47, may not copmare to $32.51 bln Capital IQ Consensus.
- Orders +11%, flat organically ... strength in most segments offset by Power. Equipment (10)% organically driven by decline in Power on lower gas and steam orders offset by improving Oil & Gas, Aviation, Transportation, and Healthcare. Services +10% organically with broad-based strength.
- Industrial segment revenue (1)% organically ... ex. Power & Oil & Gas +2%. Industrial op profit (7)% driven by Power & Oil & Gas ... other segments +23%. Industrial margins (220) bps, driven by Power & O&G... other segments +250 bps
- Backlog $328B, +$1B versus 2Q driven by services.
- 3Q CFOA $(1.2)B versus prior year; $1.7B ex. deal taxes & pension ... $2.1B with Oil & Gas on a BHGE dividend basis; no GE Capital dividend
- Co issues downside guidance for FY17, sees EPS of $1.05-1.10 from $1.60-1.70, excluding non-recurring items, vs. $1.53 Capital IQ Consensus Estimate.
- Update on company strategy and 2018 framework on November 13th
No comments:
Post a Comment