GE has announced its results for the third quarter ending September 30, 2019, and despite a number of positive developments, the energy giant’s renewable energy division has posted a $98 million loss, compared to the same period in 2018.
GE blamed the result on higher losses on legacy contracts, pricing, tariffs and increased research and development (R&D) investment. These factors are only partially offset by cost productivity and strong volume, it said.
For the third quarter of 2019, the industrial conglomerate posted adjusted earnings of $0.15 per share, up 36% from the prior year, whilst revenue was flat year-over-year at $23.4 billion and exceeded the targeted amount of $22.93 billion.
GE Chairman and CEO H. Lawrence Culp, Jr. said, “Our results reflect another quarter of progress in the transformation of GE. We are encouraged by our strong backlog, organic growth, margin expansion, and positive cash trajectory amidst global macro uncertainty."
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“This quarter, during strategy reviews with each of our businesses, we identified and prioritized operating improvements and growth investments that will drive sustainable results. We have more work to do, and we will continue to take actions to improve our financial position and strengthen our businesses as we prepare for 2020 and beyond. I remain confident that we will unlock value for GE's stakeholders as our transformation accelerates.”
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