The General Electric Company (NYSE: GE) on Tuesday reported a sharp increase in adjusted earnings for the second quarter of 2022, when the engineering firm’s revenues increased by 2%.
The Boston-based industrial conglomerate posted adjusted earnings of $0.78 per share for the June quarter, representing a sharp increase from $0.22 per share reported a year earlier. On an unadjusted basis, it was a loss of $0.78 per share, compared to a loss of $1.08 per share in the second quarter of 2021. Revenues came in at $18.65 billion during the three-month period, which is up 2% from last year.
Check this space for management/analysts’ comments on General Electric’s Q2 2022 earnings
“We are improving delivery, price, and cost performance via lean and decentralization. Notwithstanding this progress, much is still uncertain about the external pressures companies are facing at this moment. We continue to trend toward the low end of our 2022 outlook on all metrics except cash, which is lower due to timing of working capital and Renewable Energy-related orders,” said Lawrence Culp, chief executive officer of GE.