GE stock drops more than 3% after profit miss, but revenue and free cash flow beat forecasts Golie Mark

Shares of General Electric Co.

dropped 3.2% in premarket trading Tuesday, after the industrial conglomerate reported third-quarter profit that fell below expectations while revenue beat, and free cash flow (FCF) that topped $1 billion to beat forecasts by wide margin. The company swung to a net per-share loss of 21 cents, after earnings per share of $1.08 in the year-ago period. Excluding nonrecurring items, adjusted EPS fell to 35 cents from 53 cents, missing the FactSet consensus of 47 cents. FCF fell 11.5% to $1.19 billion, but was well above expectations of $284.5 million. Revenue grew 2.8% to $19.08 billion, above the FactSet consensus of $18.4 billion. Among GE’s business segments, GE Aerospace revenue jumped 24% to $6.71 billion, beating the FactSet consensus of $6.55 billion; GE Healthcare revenue rose 6% to $4.61 billion, above expectations of $4.52 billion; Power revenue fell 12% to $3.53 billion, below expectations of $4.06 billion; and Renewable Energy revenue dropped 15% to $3.59 billion, but topped expectations of $3.46 billion. For 2022, GE expects adjusted EPS of $2.40 to $2.80, surrounding the FactSet consensus of $2.66, and FCF of $4.5 billion, above expectations of $4.2 billion. The stock has gained 7.3% over the past three months through Monday, while the SPDR Industrial Select Sector ETF

has slipped 1.1% and the S&P 500

has lost 4.3%.

Source link

What do you think?

Written by moz

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

General Electric Stock Higher As Cash Flow Offsets Q3 Profit Miss Golie Mark

Rishi Sunak Becomes U.K.’s First British Asian Prime Minister Golie Mark