General Electric Company (NYSE:GE) this morning posted mixed third quarter earnings results, as the industrial superpower navigates through a difficult global economic environment.
The Boston-based company reported Q3 adjusted net income of $0.32 per share, beating out Wall Street’s estimate of $0.30. Revenue rose 4% from last year to $29.3 billion, falling short of analysts’ view of $29.68 billion.
Looking ahead, the industrial giant narrowed its full-year earnings guidance. It now expects adjusted 2016 EPS to range from $1.48 to $1.52 from a prior outlook of $1.45 to $1.55. On average, Wall Street analysts are looking for $1.49 per share for the year.
General Electric noted that its backlog of orders grew to $319 billion in the latest period, with Services orders rising +1% organically. It also said it sees particular ongoing strength in its Renewables, Aviation & Healthcare
GE presented the following bullet points via press release:
More challenging environment for Oil & Gas and related markets … still positive on long-term outlook
Sustained performance in rest of GE … Industrial organic op profit +8% YTD, ex. FX and Oil & Gas
Alstom on track for 2017 and 2018
Buyback above plan
Deeper cost out view on supply chain, programs, and Corporate structure
All compensation plans tied to investor commitments
GE shares fell $0.30 (-1.03%) to $28.77 in premarket trading Friday. Prior to today’s report, GE had gained 6.68% year-to-date, versus a 4.91% return in the benchmark S&P 500 during the same period.