General Electric (NYSE:GE) shares ticked up today on third-quarter results that beat the consensus forecast.
The Boston-based company posted sales of $18.4 billion for the three months ended Sept. 30, 2021, registering a year-over-year revenue decline of -0.5%.
Adjusted to exclude one-time items, earnings per share were 57¢, 14¢ ahead of Wall Street, where analysts were looking for sales of $19.3 billion.
GE’s healthcare segment registered revenues of $4.3 billion (a -5% dip year-over-year) and posted profits of $704 million for a -4.6% bottom-line slide.
In a news release, the company attributed revenue decreases within the healthcare segment to ongoing, industry-wide supply shortages and projected that, despite the challenges, its healthcare arm is well-positioned to keep investing in future growth with improving profit and cash flow generation.
“The GE team delivered another strong quarter,” GE Chairman & CEO H. Lawrence Culp Jr. said in the news release. “Orders grew, margins expanded, our overall cash performance was significantly better, and Aviation is building momentum and showing continued signs of recovery. The teams are managing through a challenging operating environment, including global supply chain disruptions and onshore wind market pressure due to the U.S. Production Tax Credit. Against that backdrop, we’re raising our 2021 EPS expectations and narrowing our full-year free cash flow outlook.”
The company projects full-year adjusted EPS in the range of $1.80 to $2.10, rising from the previous estimate of between $1.20 and $2.
GE shares were up 2.6% at $108.08 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.