GE: operating performance improving, group says
(CercleFinance.com) - GE reported lower first-quarter revenue on Tuesday, although this still topped analysts' estimates, with the group maintaining its 2019 guidance.
The Boston-based industrial conglomerate said it improved its operating performance.
Total revenues fell by just 2% to 27.3 billion dollars over the first three months of the year. By comparison, analysts were expecting revenues of 27 billion dollars.
The company also posted earnings from continuing operations (before tax) of 1.3 billion dollars, compared to a loss of 277 million dollars in the first three months of 2018.
GE - which recently sold its biopharma unit and considers 2019 as "a reset year" - said it delivered "strong industrial" orders in the quarter, up 9% organically, with backlog closing at 374 billion dollars, up 6% year-on-year.
"Our quarterly results were better than our expectations, largely driven by timing of certain items, which should balance out over the course of the year," said CEO H. Lawrence Culp.
"I am encouraged by the improvements we are making inside," Culp added.
The shares were jumping 10% in pre-market trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Boston-based industrial conglomerate said it improved its operating performance.
Total revenues fell by just 2% to 27.3 billion dollars over the first three months of the year. By comparison, analysts were expecting revenues of 27 billion dollars.
The company also posted earnings from continuing operations (before tax) of 1.3 billion dollars, compared to a loss of 277 million dollars in the first three months of 2018.
GE - which recently sold its biopharma unit and considers 2019 as "a reset year" - said it delivered "strong industrial" orders in the quarter, up 9% organically, with backlog closing at 374 billion dollars, up 6% year-on-year.
"Our quarterly results were better than our expectations, largely driven by timing of certain items, which should balance out over the course of the year," said CEO H. Lawrence Culp.
"I am encouraged by the improvements we are making inside," Culp added.
The shares were jumping 10% in pre-market trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.