General Electric Company Sinks On Earnings, Honeywell International Inc. Rises

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General Electric Company Sinks On Earnings, Honeywell International Inc. Rises

General Electric and Honeywell released their latest earnings reports before opening bell this morning. GE posted adjusted earnings of 23 cents per share on $29.3 billion in revenue. Analysts had been expecting earnings of 30 cents per share and $29.6 billion in revenue. In last year’s third quarter, the company reported $28 billion in revenue and 19 cents per share in adjusted earnings.

Honeywell posted adjusted earnings of $1.67 per share on $9.8 billion in sales. Analysts had been expecting $1.60 per share in earnings and $9.8 billion in revenue. In last year’s third quarter, the company reported $9.6 billion in sales and $1.60 per share in earnings.

General Electric’s orders and backlog grows

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GE’s net earnings declined 12% year over year to 22 cents per share. Industrial segment organic revenues grew 1% to $24.2 billion, while Industrial earnings were 32 cents per share, marking a 10% increase, or $2.9 billion. The industrial margin declined 130 basis points to 10$, while the industrial operating margin declined 20 basis points to 15.3%.

GE’s orders increased 16% year over year to $26.9 billion from last year’s $23.2 billion. Orders include $13.9 billion in equipment and $13 billion in services. The company’s backlog grew 18% compared to the year-ago quarter to $310 billion, including $85 billion in equipment backlogs and $234 billion in services backlog.

GE tightened its guidance for the full year. It now expects full-year earnings to be between $1.48 and $1.52 per share, compared to the previous outlook of $1.45 to $1.55 per share. Consensus stands at $1.50 per share.

Shares of General Electric edged lower by as