GE Q2 Industrial Segment Organic Revenues Up 7%; Raises Earnings Outlook

(RTTNews) - General Electric Co. (GE) said the company made steady progress on its strategic priorities in the second quarter with solid top-line growth. Due to improvements at power, lower restructuring and interest, higher earnings, and better visibility, the company raised full-year outlook for Industrial segment organic revenues, and adjusted earnings per share. Shares of GE were up more than 6 percent in pre-market trade on Wednesday.

For the second-quarter, adjusted was $0.17 including a $0.06 benefit from tax audit resolution compared to adjusted earnings per share of $0.18, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.12, for the quarter. Analysts' estimates typically exclude special items. On a GAAP, basis, GE reported a continuing loss per share of $0.03, due to a negative impact of $0.09 from goodwill charge.

Second-quarter revenues were $28.8 billion, down 1 percent from prior year. Analysts expected revenue of $28.68 billion for the quarter. Industrial segment organic revenues were $27.7 billion, up 7 percent. Total orders were $28.7 billion, down 4 percent; organic orders were up 4 percent for the quarter.

For 2019, GE now expects adjusted earnings per share in a range of $0.55 - $0.65, revised from previous guidance range of $0.50 - $0.60. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.59. Industrial Segment organic revenue growth is now anticipated in mid-single digits, revised from prior guidance of low- to mid-single digits.