General Electric reports 4 different EPS numbers

General Electric Company is a global digital industrial company.

The heaviest drag on GE’s performance continues to be its oil and gas equipment business, which has struggled since oil drillers and producers slashed capital spending amid the long-term slump in crude oil prices.

Total sales rose 15 percent, including a 31 percent increase in GE Power and a 28 percent advance in the renewable-energy unit.

Revenue climbed 15% to $33.5 billion, topping projections of $31.9 billion.

Overall for the period ended June 30, GE reported a profit of $2.74 billion, or 36 cents a share, compared with a loss of $1.36 billion, or 17 cents a share, a year earlier. The company expects organic growth in a range of 2-4%.

“The diversity and scale of our portfolio enabled the company to perform well despite a volatile and slow growth economy”, GE Chief Executive Jeffrey Immelt said in a statement.

Mr Immelt said he expected to see more strong growth in the second half of the year, despite revenue from the company’s industrial businesses dropping 1%.

The company shed its designation as a non-bank systemically important financial institution after divesting most of its GE Capital business. Organic revenue, which excludes the effects of M&A and foreign exchange, will rise as much as 4 percent, GE said.

During the quarter, GE returned $18 billion to shareholders through stock buybacks.

GE’s order backlog rose 1.3 percent to US$320 billion, reflecting a 2 percent rise in services orders to US$233 billion, while equipment orders fell 2.2 percent to US$86 billion.

During this quarter, the company announced over $25 billion in orders and commitments at the Farnborough Airshow for GE and its partner companies.

In addition, the parent company borrowed $5 billion from GE Capital in the second quarter, using the money to help fund the company’s accelerated share buyback program.