The General Electric Company (NYSE: GE) on Tuesday reported a decline in adjusted earnings for the third quarter of 2022 when the engineering firm’s revenues increased by 3%.
The Boston-based industrial conglomerate posted adjusted earnings of $0.35 per share for the September quarter, representing a sharp decrease from the $0.53 per share profit reported a year earlier. On an unadjusted basis, it was a loss of $0.21 per share, compared to a profit of $1.08 per share in the third quarter of 2021. Total revenues came in at $19.08 billion during the three-month period, which is up 3% from last year.
Check this space for management/analysts’ comments on General Electric’s Q3 2022 earnings
“Our team is delivering, with strong Aerospace performance in the third quarter, fueled by the improving commercial backdrop and our progress managing operations and the supply chain environment. We are building broad-based momentum with solid revenue and free cash flow results, as well as services growth in all businesses,” said Lawrence Culp, chief executive officer of GE.