(RTTNews) - General Electric Company (GE) reported third-quarter adjusted earnings per share of $0.15 compared to $0.11, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.11, for the quarter. Analysts' estimates typically exclude special items. Including non-cash Insurance & goodwill charges, the company reported a continuing loss per share of $0.15, compared to a loss of $2.64 per share, prior year.
Third-quarter total revenues were $23.4 billion, flat with prior year. Industrial segment organic revenues were up 7 percent to $21.5 billion. Analysts expected revenue of $22.93 billion, for the quarter. For the third-quarter, total orders were at $22.5 billion, down 5 percent from prior year. Organic orders were down 1 percent. Backlog was at $386 billion, an improvement of 14 percent.
GE Capital completed asset reductions of approximately $2 billion in the quarter, totaling approximately $3.6 billion year to date. It remains on track to execute approximately $10 billion of asset reductions in 2019 to meet its two-year target of $25 billion. GE said it remains focused on shrinking and de-risking GE Capital, including improving its leverage profile.
Third-quarter GE Industrial free cash flows were at $650 million, down from $1.14 billion, last year. For fiscal 2019, Industrial free cash flows are projected to be in a range of $0 - 2 billion. GE continues to expect Industrial free cash flow to be in positive territory in 2020 with further acceleration in 2021.
For fiscal 2019, GE continues to project adjusted earnings per share in a range of $0.55 - $0.65. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.57. Industrial segment organic revenue growth is anticipated to be in mid-single digits.
GE Chairman and CEO Lawrence Culp, Jr. said: "We are raising our Industrial free cash flow outlook again even with external headwinds from the 737 MAX and tariffs, and we are holding our adjusted EPS outlook despite reduced income from moving Baker Hughes to discontinued operations."
Shares of General Electric were up more than 6% in pre-market trade on Wednesday.
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