General Electric Co (GE) reported second-quarter adjusted EPS of $0.19, down 10% year-over-year. The company said it posted strong performance in Aviation, Healthcare, & Corporate partly offset by lower Power, Renewables, & Capital earnings. Adjusted industrial EPS was $0.21, a decline of 9%. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.18 for the quarter. Analysts' estimates typically exclude special items. Adjusted Industrial earnings were $1.83 billion, down 11% from previous year. Adjusted industrial free cash flows were $0.3 billion, down $0.1 billion from last year.
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For the second-quarter, earnings from continuing operations attributable to GE common share-owners declined 28% year-over-year to $736 million. Continuing EPS was $0.08, compared to $0.12. Net EPS was $0.07 compared to $0.10.
Second-quarter consolidated revenues were $30.1 billion, up 3% from previous year. GE Industrial Segment organic revenues were $25.24 billion compared to $26.91 billion, prior year. Analysts expected revenue of $29.31 billion for the quarter. Organic revenue was down 6% impacted by Power market, Oil & Gas recovery & Transportation; growth in Aviation & Healthcare. Second-quarter orders were up 11% reported, and up 1% organically.
GE CEO John Flannery said, "The second quarter was in line with expectations, and we saw continued strength across many of our segments, especially in Aviation and Healthcare. We expect the power market to remain challenging, and we continue our focus on operational improvement. In the first half of the year, we reduced Industrial structural costs by $1.1 billion, more than halfway toward our 2018 goal of more than $2 billion. Our adjusted Industrial free cash flows improved in the first half year over year, and we plan to end 2018 with more than $15 billion of cash."
For fiscal 2018, the company expects adjusted EPS in the range of $1.00-$1.07. Total year free cash flow is targeted to be approximately $6 billion.
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