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
It's no secret that this year has been a volatile one for the markets. The S&P 500 is down 18% year to date, while the Nasdaq Composite is off by 27% year to date. Meanwhile, the VIX, a key measure of volatility, is up 49% year to date at 24.72. However, it has spiked as Read More
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