-=General Electric (GE) reported earnings on Wed 31 July 2019 (b/o)

General Electric beats by $0.05, reports revs in-line; raises FY19 EPS, industrial organic revenue and FCF 

Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.05 better thanthe S&P Capital IQ Consensus of $0.12; revenues fell 1.1% year/year to $28.83 bln vs the $28.83 bln S&P Capital IQ Consensus. 

Total orders of $28.7 bln, down 4%; organic orders up 4%.

Industrial segment organic revenue growth +7%; $396 bln backlog, +11% vs. prior year. Adjusted Industrial profit margins contracted (300) bps. organically, driven by Renewable Energy, Power & Aviation ... 1H in-line with co's full-year outlook. Adjusted Industrial free cash flows (FCF) $(1) bln with signs of stabilization at Power ... better than co's 1H outlook, but still negative.

Stabilizing Power: Gas Power organic orders +28%, Power Portfolio organic orders (32)%; Gas Power fixed costs (10)%

Co issues in-line guidancefor FY19, raises EPS to $0.55-0.65 from $0.50-0.60, excluding non-recurring items, vs. $0.59 S&P Capital IQ Consensus. 

Raises Industrial Segment Organic Revenue Growth to mid-single digit growth from low to mid-single digit growth.

Raises industrial FCF to ($1)-1 bln from ($2)-0 bln.

Reaffirms adjusted GE Industrial Margin Expansion flat to up 100 bps.

GE continues to expect adjusted Industrial free cash flow to be in positive territory in 2020 with further acceleration in 2021. 

General Electric CFO Jamie S. Miller to transition from role as CFO
GE has initiated a search to identify its next CFO, and Ms. Miller has agreed to remain in her role to assist with a smooth transition.