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General Electric Q3 net earnings dropped 10 percent

Staff Writer |
General Electric reported weak earnings in its third quarter, despite increased revenues.

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Adjusted earnings were sharply lower than market estimates, while top line beat their view.

The company expects the new leadership team at Power and the cost actions that are being taken will better position it in 2018 and beyond.

In the third quarter, net earnings attributable to shareowners dropped 10 percent to $1.8 billion from $1.99 billion a year ago. Earnings per share fell 5 percent to $0.21 from $0.22 a year ago.

Earnings from continuing operations were $1.91 billion, down 9 percent from $2.10 billion last year.

Earnings per share from continuing operations dropped 4 percent to $0.22 from $0.23 a year ago.

The latest results included impact of $0.16 per share resulting from impairments of $0.13 percent and higher restructuring and lower gains of $0.03

Adjusted industrial operating earnings per share were $0.26, compared to $0.27 last year.

Industrial operating + Verticals earnings, on adjusted basis, were $2.6 billion or $0.29 per share, compared to $0.32 per share last year.

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