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GE

General Electric

$13.49

0.31 (2.35%)

17:55
04/13/18
04/13
17:55
04/13/18
17:55

General Electric restates 2017, 2016 earnings due to accounting change

In a regulatory filing, the company said, "As previously disclosed in our Form 10-K for the year ended December 31, 2017, we were required to adopt several new accounting standards effective as of January 1, 2018. In addition, we voluntarily changed one accounting principle. Except as noted below, each of the accounting changes either required or provided the option to present the change on a retrospective basis. Therefore, our financial statements beginning in the first quarter of 2018 will reflect both current and historical comparable periods on this new basis reflective of these retrospective accounting changes. The new revenue standard requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time based on when control of goods and services transfers to a customer. As a result of the adoption of the standard, we recorded significant changes in the timing of revenue recognition and in the classification between revenues and costs. The new standard does not impact cash or the economics of our underlying customer contracts. As a result of the adoption of the new revenue standard, our previously reported retained earnings as of January 1, 2016 decreased by $4,243 million and our previously reported revenues and earnings (loss) from continuing operations decreased by $2,224 million and $2,668 million (or $1,558 million before impact of U.S. tax reform), respectively, for the year ended December 31, 2017 and by $220 million and $1,182 million, respectively, for the year ended December 31, 2016. The effect on our statement of financial position was principally comprised of changes to our contract assets, inventories, deferred taxes, deferred income and progress collections balances resulting in an $8,317 million decrease to previously reported total assets as of December 31, 2017. In our Form 10-K for the year ended December 31, 2017 we estimated that our 2016 and 2017 earnings per share would be lower by approximately $0.13 and $0.16 (before impact of U.S. tax reform), respectively, and we indicated that our estimates were still being finalized. Upon completion of our implementation effort, our 2016 and 2017 earnings per share is lower by $0.13 and $0.17, respectively (before impact of U.S. tax reform). The changes to our previously reported earnings had a significant impact on our deferred tax balances, which were reflected at the tax rates in effect in the period the activity was recorded. As a result of the enactment of U.S. tax reform, we recorded $1,110 million of additional deferred income tax to reflect the restated income and deferred tax positions at the lower rate in effect in the fourth quarter of 2017, which further reduced 2017 earnings per share by $0.13." The as restated (unaudited) figures for 2017 are as follows: (99c) for continuing diluted EPS and $118.243B for revenue. This compares to as reported figures of (68c) for EPS and $122.092B for revenue. For 2016, the as restated figures are 85c and $119.469B compared to as reported of $1.00 and $123.693B.

  • 20

    Apr

GE General Electric
$13.49

0.31 (2.35%)

04/06/18
JPMS
04/06/18
NO CHANGE
Target $11
JPMS
Underweight
General Electric's 2018 closer to normal than many think, says JPMorgan
JPMorgan analyst Stephen Tusa sees downside risk to estimates for General Electric in the near term. In a fresh research note titled "'Normal' is a Relative Term: A Fresh Look at The GE Power Model," Tusa says his 2018 estimates for GE remain below consensus. Debate continues around the sum-of-the-parts and what could be done to unlock value, Tusa writes. He believes that after nine months in the role, management is likely to have a "better story to tell than the one they told in November the next time we hear from them." GE is already discussing actively with some investors the path forward for improvement off of what is perceived to be depressed operating levels, the analyst reveals. Tusa believes, however, that GE's 2018 is closer to "normal" than many think. The analyst sees support for his Underweight rating on the shares with an $11 price target. General Electric closed yesterday up 15c to $13.43.
04/09/18
JPMS
04/09/18
NO CHANGE
Target $11
JPMS
Underweight
General Electric is most expensive stock in sector, says JPMorgan
After getting feedback from his research note on Friday, JPMorgan analyst Stephen Tusa put out a new note titled "Yes, GE Is The Most Expensive Stock In the Sector." The analyst has an Underweight rating on shares of General Electric with an $11 price target. The stock closed Friday down 37c to $13.06. He believes any recovery in the company's Power unit will be back end loaded into next decade. Tusa also sees a run rate on free cash flow that is "significantly lower" than the prevailing $1 "bull case narrative." GE is the most expensive stock in the sector, he proclaims.
04/11/18
COWN
04/11/18
NO CHANGE
Target $12
COWN
Market Perform
Cowen says avoid General Electric ahead of earnings, lowers target to $12
Cowen analyst Gautam Khanna lowered his price target on General Electric to $12 from $15 and told investors to avoid the shares heading into its restatement of prior earning and its Q1 results. He believes the restatement will continue to pressure the shares, calling GE a "show-me" stock. Khanna, who thinks a Q1 EPS miss appears probable and that GE's 2018 guidance overstate its earnings base, maintained his Market Perform rating on General Electric shares.
04/11/18
COWN
04/11/18
NO CHANGE
Target $12
COWN
Market Perform
Cowen says avoid GE into earnings report, cuts price target to $12
The upcoming accounting restatement and Q1 earnings report will continue to pressure shares of General Electric, which is now a "show me" stock, Cowen analyst Gautam Khan tells investors in a research note titled "Avoid Into Restatement and Q1 Print". The analyst sees an earnings miss in Q1 as probable, with his adjusted earnings per share estimate of 8c below the consensus of 12c. Further, he believes General Electric's 2018 guidance overstates its earnings base. GE's $1.00-$1.07 adjusted earnings per share outlook for 2018 excludes $3.2B of pension and $2.5B of restructuring expenses, which have a 55c negative impact to GAAP earnings per share, Khan points out. In addition, he believes GE's 2017 restatement may be a negative if it raises the company's cost to borrow. Khan cut his price target for GE shares to $12 from $15 and keeps a Market Perform rating on the name. The stock closed yesterday at $13.05.

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