General Electric reports messy Q3 report with EPS above estimates as co continues to divest GE Capital assets
- Reports Q3 (Sep) operating earnings of $0.32 per share, with industrial operating + verticals earnings $0.29, may not be comparable to the Capital IQ Consensus of $0.26; industrial plus GE Capital on an equity basis rev fell 2.1% year/year to $26.55 bln, industrial + verticals rev fell 2% to 27.9 bln, may not compare to vs the $28.66 bln Capital IQ Consensus. Last quarter the industrial + GE Capital on an equity basis figures appeared to be comparable but co has continued to divest Capital assets and now there is even less confidence in which number compare.
- Industrial segment operating profit +5%, +9% organic, 5 of 7 segments growing earnings, Oil & Gas flat organically
- Industrial segment organic revenues +4%
- Industrial segment operating margins +100 bps, gross margins +80 bps
- Reaffirms 2015 Industrial + Verticals EPS guidance ($1.13-1.20)
- GE plans to launch Synchrony share exchange next week, expects to retire 6--7% of GE float
- Regulatory approval for acquisition of Alstom power & grid; deal close expected within weeks