GE Order Backlog Grows in Third Quarter, Touts U.K. Nuclear Contract

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Researched by Industrial Info Resources (Sugar Land, Texas)--General Electric Company (GE) (NYSE:GE) (Fairfield, Connecticut) says its orders backlog grew 18% to $319 billion in third-quarter 2016 from the same period a year earlier. About $32 billion of the backlog is tied to GE's acquisition last year of French power company Alstom. Industrial Info is tracking 205 projects worth $37.52 billion that involve GE, and 205 projects worth $103.82 billion that involve Alstom.

The year-to-date backlog included $85 billion tied to equipment orders, and $234 billion for services.

Service and equipment orders for third-quarter 2016 totaled $26.9 billion, up 16% from the same period a year earlier.

GE reported substantial revenue gains in its Power and Renewable Energy business segments, but saw a sharp drop in its Oil & Gas segment.

Power segment revenue increased 37% to $6.5 billion in the just-ended quarter, while Renewable Energy segment revenue grew 66% to nearly $2.8 billion. On the other hand, Oil & Gas Segment revenue fell 25% to $2.9 billion. Total revenue grew 4.4% to $29.27 billion.

Net profit for the quarter totaled $2.3 billion, down 19% from $2.51 billion a year earlier.

"Looking forward I think we are being realistic about the environment in the resource sector, Oil & Gas, but don't be mistaken--we still think this is a core GE business...one where our teams managing it extremely well through the cycle," Chief Executive Officer Jeffrey Immelt said during the company's earnings conference call. "The rest of GE is executing very well," he added.

GE touted some of its latest deals, including the $1.9 billion contract for the Hinkley Point C nuclear power project in the U.K. For related information, see September 19, 2016, article - GE Lands $1.9 Billion U.K. Nuclear Contract. The company also noted it received $404 million in orders to repower and upgrade U.S. wind turbines, and completed the installation of five turbines for the 30-megawatt (MW) Block Island Windfarm, the United States' first offshore wind facility.

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