GE seesaws after Q1 results

|By:, SA News Editor

Q1 non-GAAP EPS (what GE calls its "Industrial operating + Verticals EPS") of $0.21, flat as reported, but +12% Y/Y excluding gains and restructuring.

Backlog of $324B up 3% Y/Y; Orders up 10%, with organic revenues up 7%.

$4.4B was returned to shareholders during the quarter, including $2.3B through buybacks.

"GE is continuing its portfolio transformation and investing in innovations in GE Digital and GE Additive. Our planned combination of GE Oil & Gas and Baker Hughes remains on track, and we expect the deal to close in mid-2017," CEO Jeff Immelt in a statement.

The company also reaffirmed its 2017 operating framework for Industrial operating + Verticals EPS, organic revenue growth, and Industrial operating margin expansion.

Conference call at 8:30 a.m. ET

GE shares were initially up 0.4%, but are now down 0.4% in early trade.

Q1 results