First Take Shows GE's (GE) Q3 Results Appear Solid; Oppenheimer Affirms at 'Perform'

Oppenheimer affirms General Electric (NYSE: GE) with a Perform rating following the megacorporation's Q3 report issued earlier in the session.

Analyst Christopher Glynn noted that GE's Q3 EPS of $0.29 compared with the firm's $0.26 expectation. Industrial operating margin expanded to 17.3 percent, versus teh firm's 16.5 percent estimate.

Glynn observed, Backlog declined $2B sequentially to $370B, as reported total orders declined 26% (ytd down 4% organic), inclusive of significant FX headwind and a very strong comparison (LY included $6B of large 1x locomotive and aricraft engine orders), coupled with 32% organic O&G drop.

Glynn commented, Excluding P&W, revenues were about in line, and excluding margin contraction at Healthcare, segment OM performance was strong across the board, including strong at P&W despite presumed negative mix impact of strong wind growth. Overall, our early take is results pass muster.

For an analyst ratings summary and ratings history on General Electric click here. For more ratings news on General Electric click here.

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