GE Q2 Loss Narrows, Results Top Estimates

(RTTNews) - Industrial conglomerate General Electric Co. (GE) reported Tuesday a net loss attributable to common shareowners for the quarter of $0.78 per share, narrower than $1.08 per share in the prior-year quarter.

Loss from continuing operations attributable to common shareowners was $648 million or $0.59 per share, compared to loss from continuing operations of $626 million or $0.57 per share in the year-ago quarter.

Excluding items, adjusted earnings per share for the quarter were $0.78, compared to last year's $0.22. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues for the quarter grew 2 percent to $18.65 billion from $18.25 billion in the same quarter last year. Analysts expected revenues of $17.60 billion for the quarter. Organic revenue was up 5 percent.

Total orders for the quarter grew 2 percent to $18.7 billion and increased 4 percent organically.

The company said it is on track to launch three independent, investment-grade companies focused on the growth sectors of aviation, healthcare, and energy, which was announced in November 2021.

Looking ahead to fiscal 2022, the company continues to project adjusted earnings in a range of $2.80 to $3.50 per share on organic revenue growth in the high-single-digit range. The Street is currently looking for earnings of $2.78 per share on revenue growth of 1.5 percent to $75.31 billion for the year.

The company is looking set to deliver between $5.5 billion and $6.5 billion of free cash flow in 2022.

GE said it continues to trend toward the low end of its 2022 outlook on all metrics except free cash flow.