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Disappointing 3Q17 Results Force General Electric to Cut Guidance

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Part 2
Disappointing 3Q17 Results Force General Electric to Cut Guidance PART 2 OF 10

Did General Electric Beat Analysts’ Revenue Estimates in 3Q17?

GE’s 3Q17 revenues

General Electric (GE) beat analysts’ 3Q17 revenue estimates by 2.8%. The company achieved revenues of $33.4 billion in 3Q17 against Thomson Reuters analysts’ estimate of $32.5 billion. On a YoY (year-over-year) basis, GE’s revenues rose 14.4% from $29.2 billion in 3Q16.

Out of the last eight quarters, GE has surpassed analysts’ revenue projections four times. Revenues from General Electric’s Industrial segment reached $30.0 billion in 3Q17, up 10% on a reported basis due to acquisitions. However, the segment’s revenues fell 1% organically compared with 3Q16.

Did General Electric Beat Analysts’ Revenue Estimates in 3Q17?

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Order book position

Although total orders in 3Q17 rose 11% to $29.8 billion, they were flat organically. The Power segment’s orders fell 6% organically while its Oil and Gas orders fell 7% YoY in 3Q17. With the exception of GE’s Power and Oil and Gas verticals, General Electric witnessed 2% organic growth across the rest of its businesses. 

GE’s equipment orders remained unchanged at $13.9 billion in 3Q17, although they fell 10% organically. Orders from the company’s Services segment rose 22% on a yearly basis to $15.9 billion in 3Q17. On an organic basis, these orders rose 10%.

The company’s future revenue and related strategies could be clarified on November 13, 2017, when GE plans to release its outlook for 2018.

Peer group’s 3Q17 revenues

Honeywell International (HON), a major peer of General Electric, reported a 5% rise in revenues to $10.1 billion in 3Q17. Strong prospects in HON’s Aerospace Aftermarket and Performance Materials & Technologies segments drove the company’s revenues in that quarter. 

Illinois Tool Works (ITW) posted revenues of $3.6 billion in 3Q17, up 4% YoY. Among the other industrial (IYJ) solutions providers, United Technologies (UTX) and 3M (MMM) plan to report their 3Q17 earnings on October 24, 2017.

Next, we’ll consider GE’s Power segment’s 3Q17 results.

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