General Electric (NYSE:GE) reported third quarter earnings and revenue that missed analyst's expectations on Tuesday and said it was slashing its quarterly dividend to just one cent per share.
The firm reported earnings per share of $0.14 on revenue of $29.6bn. Analysts polled by anticipated EPS of $0.2 on revenue of $29.74bn. That compared to EPS of $0.29 on revenue of $31.33bn in the same period a year earlier. The company had reported EPS of $0.19 on revenue of $30.1bn in the previous quarter.
The company plans to cut its quarterly dividend from $0.12 to one cent per share from December 2018. The company also said it intends to reorganize its troubled power unit.
For the year, General Electric shares are down 36.05%, under-performing the S&P Global (NYSE:SPGI) 100 which is down 3.5% year to date.
General Electric follows other major Capital Goods sector earnings this month
On October 24, Boeing (NYSE:BA) reported third quarter EPS of $3.58 on revenue of $25.15B, compared to forecasts of EPS of $3.47 on revenue of $23.89B.
3M (NYSE:MMM) earnings matched analyst's expectations on October 23, with third quarter EPS of $2.58 on revenue of $8.15B. analysts expected EPS of $2.58 on revenue of $8.41B
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