General Electric Company (GE) said it delivered a strong third quarter as orders grew, and margins continued to improve from a year ago. Adjusted GE Industrial organic profit increased 54% year-on-year, organically, driven primarily by increases at Aviation and Power, partially offset by decreases at Renewable Energy and Healthcare. Adjusted Industrial profit margin was 7.5%, up 270 bps from prior year. Revenue was mixed with GE Industrial organic revenue declining 1%, for the quarter. GE Capital revenues were down 3%. Looking forward, the company increased its 2021 earnings per share, and margins expectations and narrowed full-year free cash flow outlook. The company now anticipates GE Industrial organic revenue growth to be flat for the full year.
Third quarter adjusted earnings per share was $0.57 compared to $0.38, a year ago. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.43, for the quarter. Analysts' estimates typically exclude special items. Adjusted GE Industrial earnings per share was $0.70 compared to $0.42. Adjusted GE Industrial profit was $1.3 billion, compared to $865 million.
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