General Electric Company (NYSE:GE) released its third quarter earnings report before opening bell this morning, posting adjusted earnings of 38 cents per share, a 6% increase, on $36.2 billion in revenue. Analysts had been expecting earnings of 37 cents per share on $36.8 billion in revenue. In the same quarter a year ago, GE reported adjusted earnings of 36 cents on $35.66 billion in revenue.

General Electric Company Beats On Earnings

Reported earnings were 34 cents per share, compared to 32 cents in the same quarter a year ago.

GE’s earnings by segment

GE reported a 9% increase in profits from its Industrial segment and a 4% increase in organic revenues from the segments. The segment’s margins increased 90 basis points for the quarter and have risen by 50 basis points so far this year. Orders in the third quarter grew by 22%, including a 34% growth rate in growth markets and a 25% increase in U.S. orders. GE said it saw growth in five of its nine regions and five of its six segments.

General Electric generated $3.8 billion in cash in the third quarter, bringing this year’s cash generation up to $7.2 billion so far year to date. GE Capital’s ENI, excluding cash and equivalents, fell 5% year over year to $365 billion.

GE had a record $250 billion backlog of equipment and services, a $21 billion year over year increase. The company reported that new technologies drove equipment orders 31% higher in the quarter. The company took orders for over 1,000 Tier 4 compliant locomotives, four HA gas turbines ad launch rders for its GE9X aircraft engine.

Services climbed by 10%. Earlier this month, GE announced that it was opening its Predix Industrial Internet platform starting next year. Also the company expects revenues from its GE Predictivity solutions will pass $1 billion this year.

GE continues trimming non-core portfolio

During the third quarter, General Electric completed its North American Retail Finance business initial public offering. The spinoff of Synchrony Financial is the first step of the company’s efforts to exit the business. GE wants to be completely out of Synchrony by late next year though a split-off transaction.

GE also revealed plans to sell its Appliances business for $3.3 billion to Electrolux. The deal is expected to generate 5 cents to 7 cents per share in after-tax gain when it closes. General Electric is still working on approvals to acquire Alstom’s Power and Grid businesses, which it expects to close next year. The company expects the acquisition to be accretive to earnings next year and add between 6 cents and 9 cents per share the following year.

General Electric expects that organic revenue growth will be at the high end of between 4% and 7% for the full year.