General Electric Company (NYSE:GE) released its Q4 earnings results before opening bell this morning. General Electric earnings came in at 27 cents per share on an adjusted basis on $31.4 billion in revenue. Analysts had been looking for earnings of 29 cents per share on $34 billion in revenue. In the year-ago quarter, GE earnings amounted to 46 cents per share on a non-GAAP basis on $33.09 billion in revenue.
General Electric earnings
On a GAAP basis, GE swung to a loss of $1.15 per share in Q4, while General Electric earnings amounted to 39 cents per share in Q4 of 2016. The GAAP result included $1.49 per share in charges for insurance-related items, 91 cents per share in charges in connection with the tax reform bill, and 18 cents per share in items from the company’s industrial portfolio.
“Aviation and Healthcare had strong performances in the quarter,” Chairman and Chief Executive John Flannery said in a statement on General Electric earnings for Q4. “Power was down significantly and we expect market challenges to continue. Our results this quarter demonstrate some of the early progress we are seeing from our key initiatives. The team is focused on operational execution, capital allocation and deep cost reduction to position us for continued improvement in 2018.”
Power revenues fell to $10.2 billion in Q4, while Renewable Energy revenues ticked down to $3.25 billion from $3.32 billion a year ago. Oil & Gas revenues rose to $5.76 billion from $3.3 billion a year ago, while Aviation revenues rose to $7.2 billion from $7.19 billion. Healthcare revenues grew to $5.4 billion from $5.1 billion in the year-ago quarter, while Transportation revenues fell to $993 million from $1.2 billion. Lighting revenues fell to $546 million from $584 million.
GE earnings miss, but outlook sends shares soaring
GE management was upbeat about this year, which sent the company’s stock soaring in premarket trading. They expect General Electric earnings to come in between $1 and $1.07 per share for the full year. GE also said it expects this year’s proxy ballot to include new board member announcements.
GE stock surged by more than 2% in premarket trades to become the most active stock before the bell as volumes surpassed 1 million shares following the Q4 GE earnings release.
