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Wednesday, July 31, 2019

-=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.

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