General Electric Company (NYSE: GE) reported a sharp increase in first-quarter adjusted earnings despite flat revenues. The numbers came in above analysts’ forecast, driving the company’s stock higher in early trading on Tuesday.
The engineering conglomerate posted adjusted earnings of $0.24 per share for the March quarter, up from the $0.13 per share profit it reported in the comparable quarter of 2021. The latest number also exceeded experts’ projections. On an unadjusted basis, it was a net loss of $0.74 per share, compared to earnings of $0.02 per share in the prior-year period.
First-quarter revenues came in at $17.0 billion, which is broadly unchanged from the prior-year level. Analysts were looking for a slightly smaller number for the most recent quarter.
Check this space for management/analysts’ comments on General Electric’s Q1 2022 earnings
“We’re holding the outlook range we shared in January, but as we continue to work through inflation and other evolving pressures, we’re currently trending toward the low end of the range. Importantly, we remain on track to launch three independent, investment-grade companies with leading positions in growing, critical sectors, well-positioned to create long-term value,” said Lawrence Culp, Jr., chief executive officer of GE.