General Electric Company (NYSE:GE) early Friday posted better than expected first quarter earnings and reiterated its full-year outlook, as the company continues to refine its operations.
The Boston-based conglomerate reported Q1 earnings per share (EPS) of $0.21, which was $0.04 better than the Wall Street consensus estimate of $0.17.
Revenues fell 0.7% from last year to $27.66 billion, but still beat analysts’ view for $26.37 billion.
GE noted that first quarter organic revenues were up 7% year-over-year, with total orders gaining 10%, and Industrial operating margin up 130 basis points.
Looking ahead, GE reaffirmed its previously-announced full-year outlook for EPS of $1.60 to $1.70, which is in-line with Wall Street’s view of $1.63.
The company commented via press release:
“GE is continuing its portfolio transformation and investing in innovations in GE Digital and GE Additive. Our planned combination of GE Oil & Gas and Baker Hughes-a) remains on track, and we expect the deal to close in mid-2017. We are executing a $2 billion cost out program over 2017 and 2018 to deliver more value to our customers, shareowners, and employees.”
General Electric Company shares fell $0.27 (-0.89%) in premarket trading Friday. Year-to-date, GE has declined -3.44%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.