General Electric shares fell early Tuesday. This was after the industrial conglomerate reported better than expected free cash flow in the fourth quarter, but earnings were a bit shy and the full-year earnings outlook was sluggish.
It recorded the first quarterly performance since November GE blockbuster announcement Planned to split into three independent listed companies and changed the one-column report in the financial statements from a three-column report to a one-column report.
In a single-row report, adjusted profits were lower than Wall Street’s expectations.
After a 0.6% bounce on Monday and a four-day losing streak, it fell 2.5% in pre-market trading.
The company turned from a net income of $ 2.44 billion ($ 2.20 per share) in the year-ago quarter to a net loss of $ 3.90 billion ($ 3.55 per share).
Excluding non-recurring items, adjusted earnings per share rose from 58 cents to 92 cents. Under “New One-Column Report Format,” GE stated that adjusted EPS increased from 49 cents to 82 cents.
The FactSet EPS consensus was 85 cents.
Revenues were down 3.5% to $ 20.30 billion, just below FactSet’s consensus of $ 21.31 billion, with three of the four business segments reporting a decline in revenues.
Industrial free cash flow, which was the focus of attention this quarter, fell from $ 4.39 billion to $ 3.71 billion, surpassing FactSet’s consensus of $ 3.06 billion.
Within GE’s business segment:
Airline revenues increased 4.0% to $ 6.08 billion.
Electricity revenue fell 13% to $ 4.66 billion.
Healthcare revenues fell 4.1% to $ 4.63 billion.
Renewable energy was down 5.6% to $ 4.19 billion.
Going forward, GE expects adjusted EPS in 2022 to rise from $ 2.80 to $ 3.50, below the current FactSet consensus of $ 4.00, and industrial free cash flow from $ 5.5 billion to $ 6.5 billion. Surrounding the $ 5.16 billion forecast.
SPDR Industrial Select Sector Exchange Traded Funds Fall 8.0% Equities In The Last Three Months Until Monday
S & P 500 index down 3.1%
It decreased by 3.4%.
GE’s share price fell and full-year profit outlook was lower than expected due to shy earnings while the FCF was above
http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78AB-6F793DA9EA17%7D&siteid=rss&rss=1 GE’s share price fell and full-year profit outlook was lower than expected due to shy earnings while the FCF was above