GE Reports Higher Revenues and Larger Loss; Honeywell Lifts Outlook

Mukesh Buch
20 Apr, 2018
New York City

Baker Hughes said net income more than doubled. GE reported wider quarterly net loss but revenues in oil and gas, aviation and healthcare segments jumped. Honeywell and Roper Technologies lifted fiscal outlook. State Street profit soared 36%.

[R]11:30 AM New York City, New York – Baker Hughes said net income more than doubled. GE reported wider quarterly net loss but revenues in oil and gas, aviation and healthcare segments jumped. Honeywell and Roper Technologies lifted fiscal outlook. State Street profit soared 36%.[/R]

Tollbooth Index dropped 98.77 or 0.7% to 14,706.35 and for the year-to-date jumped 6.8%.

Earnings Review

Baker Hughes, a GE Company ((BHGE)) jumped 2.8% or 88 cents to $34.59 after the oil field services provider reported revenues in the first-quarter ending in March rose 1% from a year ago to $5.4 billion.

Net income in the quarter more than doubled to $71 million or 17 cents per diluted share from $31 million or 7 cents in the same quarter last year.

General Electric Company ((GE)) soared 5.5% or 77 cents to $14.76 after the diversified conglomerate said total revenues in the first-quarter ending in March jumped 7% from a year ago to $28.7 billion.

Net loss in the quarter widened to $1.2 billion or 14 cents per diluted share from $117 million or 1 cent in the same quarter last year.

The diversified manufacturer said revenues in the oil and gas segment surged 74% to $5.4 billion, in the aviation business jumped 7% to $7.1 billion and in the healthcare division soared 9% to $4.7 billion.

Honeywell International Inc ((HON)) gained 1.3% or $1.95 to $150.08 after the diversified industrial manufacturer reported revenues in the first-quarter ending in March soared 9% from a year ago to $10.4 billion.

Net income in the quarter soared 15.4% to $1.5 billion or $1.89 per diluted share from $1.3 billion or $1.71 in the same quarter last year.

Honeywell lifted fiscal 2018 revenues forecast in the range of $42.7 billion and $43.5 billion from the earlier estimate of $41.8 billion and $42.5 billion and diluted earnings per share between $7.85 and $8.05 from the earlier estimate of $7.75 to $8.

Roper Technologies Inc ((ROP)) increased 1.4% or $4 to $283.98 after the industrial technology provider said revenues in the first-quarter ending in March soared 11% from a year ago to $1.2 billion.

Net income in the quarter jumped 33.6% to $211.3 million or $2.03 per diluted share from $158.1 million or $1.53 in the same quarter last year.

Roper lifted fiscal 2018 diluted earnings per share forecast in the range of $11.08 to $11.32 from earlier estimate of $10.88 to $11.20.

State Street Corporation ((STT)) declined 3.7% or $3.89 to $100.29 after the financial and investment services provider stated total revenues in the first-quarter ending in March jumped 13.2% from a year ago to $3 billion.

Net income in the quarter soared 35.7% to $605 million or $1.62 per diluted share from $446 million or $1.15 in the same quarter last year.

Waste Management Inc ((WM)) gained 79 cents to $83.41 after the disposal and recycling services provider reported revenues in the first-quarter ending in March rose 2% from a year ago to $3.5 billion.

Net income in the quarter surged 32.9% to $396 million or 91 cents per diluted share from $298 million or 67 cents in the same quarter last year.