GE reported profits of $577 million, or 7¢ per share, on sales of $27.7 billion for the 3 months ended March 31, for bottom-line gains of over 400% while sales shrunk 0.7% compared with the same period in 2016.
After adjusting to exclude 1-time items, earnings per share were 21¢, 4¢ ahead of expectations on the Street. Revenue numbers also topped the consensus of $26.4 billion by a solid $1.3 billion.
Revenues were up 3% for the company’s healthcare departments compared with the same period in 2016, at $4.3 billion while profits for the healthcare division were up 2% at $643 million.
“GE is continuing its portfolio transformation and investing in innovations in GE Digital and GE Additive. Our planned combination of GE Oil & Gas and Baker Hughes remains on track, and we expect the deal to close in mid-2017. We are executing a $2 billion cost out program over 2017 and 2018 to deliver more value to our customers, share owners and employees,” CEO Jeff Immelt said in a press release.
Despite the numbers, shareholders have pushed shares down 1.7% as of 11:28 a.m. EST, trading at $29.76.