October 31, 2019
‘ANOTHER QUARTER OF PROGRESS’
GE posted its third-quarter earnings on Wednesday, reporting organic growth and margin expansion, and a strong backlog of $386 billion — up 14% year over year. The company reported a 7% increase in its Industrial segment organic revenue* to $21.5 billion and expanded its adjusted industrial profit margin* by 150 basis points to 10%. The company increased its Industrial free cash flow* outlook for 2019 again — to $0 to $2 billion, up from its previous outlook of negative $1 billion to $1 billion. And it reaffirmed its adjusted earnings per share* outlook for 2019 of $0.55 to $0.65. “Our results reflect another quarter of progress in the transformation of GE,” said H. Lawrence Culp Jr., GE chairman and CEO. “I am encouraged by our strong backlog, organic revenue growth, operating margin expansion and positive industrial free cash flow performance amidst global macro uncertainty.”
Strength and numbers: Despite the global uncertainty, individual GE businesses continued to strengthen in the third quarter. GE Power received the 100th order for its highly efficient HA gas turbine, which has set records in France and Japan. GE Renewable Energy signed on to provide its Haliade-X platform of offshore wind turbines — the world’s most powerful offshore wind turbines — to the world’s largest offshore wind development. The Food and Drug Administration approved GE Healthcare’s Critical Care Suite, a collection of algorithms embedded in a mobile X-ray device that helps radiologists sort through images. And GE Aviation’s engines continued to push the world’s aircraft faster and higher and for longer stretches, too. In October, the Australian carrier Qantas flew a GEnx-powered Boeing 787 Dreamliner direct from New York City to Sydney. Lasting 19 hours and 16 minutes, the voyage marked the world’s longest nonstop commercial flight.
Click here for more on GE’s third-quarter earnings and its forward-looking statements.
MAMMOGRAM INFLUENCERS
Early detection is key to fighting breast cancer: Studies have shown that finding it early can reduce a woman’s risk of dying from the disease. Though mammograms are often considered the first line of defense, many women avoid them or simply aren’t able to make time, so healthcare workers have had to get creative. In Singapore, a confederation of groups put mammography technology onto a bus, with the goal of meeting women where they’re at, whether that’s a community center or housing development. And at GE Healthcare, a group of female engineers and employees came together to design the Senographe Pristina, a mammography system they themselves would want to be scanned on. Created for women by women, it was specifically crafted with the patient’s comfort in mind.
Yes we scan: This week, as Breast Cancer Awareness Month draws to a close, GE Reports takes a look at the GE Healthcare team behind this innovative mammography technology. Global creative director Aurelie Boudier, for instance, knew that the compression inherent in a breast scan can be painful — so the Senographe Pristine has a thinner detector with rounded corners. “Patients say that it’s more comfortable because there’s less material coming in contact with their bare skin,” Boudier said. Laura Hernandez, meanwhile, is GE Healthcare’s general manager of women’s health and X-ray in Europe, and explains that mammography “stretches beyond just the mammography machine.” That’s why GE Healthcare’s SensorySuite entirely redesigns the room with the Senographe Pristina in it, focusing on elements like scent, sight and sound to ensure that women are as relaxed as possible. “We wanted the room to feel almost like a spa rather than a sterile, white room,” Hernandez said.
Learn more here about the team of women working to take the discomfort and anxiety out of mammography.
*Non-GAAP. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our quarterly report on Form 10-Q, our earnings release and the appendix of our investor presentation for the third quarter of 2019, as applicable.
— VIDEO OF THE WEEK —
— QUOTE OF THE DAY —
“As someone whose family has been touched by breast cancer, I know mammography can seem intimidating. That’s why I am proud to be working on a mammography system designed by women, for women, with empathy in mind.”
— Fanny Patoureaux, mammography image quality unit manager at GE Healthcare
Quote: GE Reports. Image: GE Renewable Energy.
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