>>> General Electric beats by $0.01, misses on revs; reaffirms FY15 industrial e

General Electric beats by $0.01, misses on revs; reaffirms FY15 industrial earnings (27.28)
Reports Q1 (Mar) earnings of $0.31 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.30; revenues fell 3.1% year/year to $33.1 bln vs the $34.32 bln consensus.
  • Industrial segment revenue $24.4 billion, -1%, +3% organic; FX impact of ~$(950) million
    • Industrial segment profit +9%, with 5 of 7 segments growing earnings
    • Industrial segment growth market revenue +6%, strength in Middle East, Latin America, Africa, China, India
  • Oil & Gas revenue flat and operating profit +11%, on organic basis.
  • Record backlog of $263 billion +7% vs. 1Q'14 • GE Capital ENI (ex. liquidity) at $303 billion, -19% vs. 1Q'14
Co reaffirms FY15 Industrial operating EPS $1.10-1.20 plus ~$0.15 from retained GE Capital businesses
  • Industrial operating EPS up double digits + Segment organic growth of 2-5% & margin expansion; $10 -30 bln returned to investors.