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Shares of General Electric (NYSE:GE) are up about 5% in pre-open Tuesday trading after the company delivered mixed Q3 results.
General Electric reported an EPS of $0.35, a big miss compared to the analyst estimate of $0.50. Revenue for the quarter came in at $19.1 billion versus the consensus estimate of $18.55 billion.
“Our team is delivering, with strong Aerospace performance in the third quarter, fueled by the improving commercial backdrop and our progress managing operations and the supply chain environment. We are building broad-based momentum with solid revenue and free cash flow results, as well as services growth in all businesses,” said GE Chairman and CEO Lawrence Culp.
On a full-year basis, GE is now projecting adjusted EPS between $2.40 and $2.80, down from the prior $2.80 to $3.50 forecast. Analysts were looking for FY EPS of $2.63.
“Our planned spin-offs remain on track with GE HealthCare ready to go in the first week of January. With leading positions in growing, critical sectors, we are excited about our plans to launch three independent, investment-grade companies set up to create long-term shareholder value,” CEO Culp added.
Goldman Sachs (NYSE:GS) analysts said the Q3 miss is a product of a $0.40 charge in Renewables.
“We believe this was an uneven print and will be looking for clarification on the items noted above on the conference call,” the analysts told clients in a note.
