General Electric Co. (GE) Tuesday reported a surge in its fourth-quarter profit. However, total revenues for the quarter dropped 16 percent from the prior year. But quarterly revenues beat analysts’ estimates.
The company expects adjusted earnings per share to be in the range of $0.15 to $0.25 for full-year 2021. Analysts expect annual earnings of $0.38 per share. GE Industrial free cash flow is expected to be $2.5 billion to $4.5 billion.
In Tuesday pre-market trade, GE was trading at $11.83 up $0.84 or 7.64 percent.
The company reported that its net earnings attributable to common shareholders for the fourth-quarter surged to $2.44 billion or $0.27 per share from $538 million or $0.06 per share in the same quarter last year.
Adjusted earnings per share for the fourth-quarter were $0.08 compared to $0.20 prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share for the fourth. Analysts’ estimates typically exclude special items.
Total revenues for the fourth-quarter dropped 16 percent to $21.93 billion from $26.24 billion in the prior year. Analysts expected revenue of $21.83 billion for the quarter.
Power segment revenues of $5.4 billion were flat reported basis and down 1% on organic basis, with Gas Power down 3% organically and Power Portfolio up 5% organically.
Renewable energy segment revenues were $4.4 billion down 6% reported basis and 7% organically, mainly driven by more heavily weighted Onshore Wind deliveries last quarter.
Aviation segment revenues were $5.8 billion down 35% reported basis and 34% on organic basis.
Healthcare segment revenues were $4.8 billion down 11% reported and up 6% organically, primarily driven by growth in LifeCare Solutions including strong delivery of Carescape R860 ventilators as well as Imaging and Ultrasound volumes.
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