GE Misses On Both Q4 Earnings & Revenues, Offers 2018 View
Zacks Investment Research | Jan 23, 2018 11:30PM ET
Industrial goods manufacturer General Electric Company (NYSE:GE) reported relatively modest fourth-quarter 2017 results on the back of some key initiatives. GAAP loss from continuing operations for the reported quarter were $9,863 million or loss of $1.15 a share compared with net earnings of $3,659 million or 39 cents a share in the year-ago quarter. The significant year-over-year decline in GAAP earnings was primarily attributable to charges related to legacy insurance businesses to the tune of $1.49 per share. Excluding these charges, industrial and other verticals operating earnings were 27 cents per share, which missed the Zacks Consensus Estimate of 28 cents.
For full year 2017, the company reported industrial and other verticals operating earnings (excluding fourth-quarter charges) of $1.05 per share compared with $1.49 in 2016.
Revenues
Total consolidated revenue for the reported quarter decreased 5% year over year to $31,402 million and missed the Zacks Consensus Estimate of $32,873 million. While the Industrial segment revenue improved 3% year over year to $32,214 million, GE Capital revenues declined 42% to $1,545 million. Organic revenues for the Industrial segment decreased 6% for the quarter to $28,712 million. For full year 2017, the company reported revenues of $122,092 million compared with $123,693 million in 2016.
Total orders for the quarter for the Industrial segment increased 3% year over year to $35 billion, with significant order improvements from the Oil & Gas segment (up 73%) and Transportation (up 56%), partially offset by decline in Power (down 25%). Total backlog of equipment and services at quarter-end was $341.3 billion, up 6% year over year.
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