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General Electric Co. (NYSE: GE) reported its most recent quarterly results before the markets opened on Tuesday. The firm posted $0.14 in earnings per share (EPS) and $27.29 billion in revenue, which compares with consensus estimates of $0.09 in EPS and $27.05 billion in revenue. In the first quarter of last year, GE said it had EPS of $0.15 on $28.66 billion in revenue.

During the most recent quarter, GE continued to take action to improve its financial position and strengthen its businesses. The company announced the sale of BioPharma to Danaher for more than $20 billion in cash proceeds, expected to close in the fourth quarter of 2019.

At the same time, the firm closed the merger of GE Transportation with Wabtec, resulting in $2.9 billion of cash proceeds and a 24.9% ownership stake in Wabtec.

In terms of its segments, GE reported as follows:

• Power revenues decreased 22% year over year to $5.66 billion, with an operating profit of $80 million.
• Renewable Energy revenues decreased 3% to $1.60 billion, with an operating loss of $162 million.
• Aviation revenues increased 12% to $7.95 billion, with an operating profit of $1.66 billion.
• Oil & Gas revenues increased 4% to $5.62 billion, with an operating profit of $222 million.
• Healthcare revenues were flat at $4.68 billion, with an operating profit of $781 million.

GE did not issue any guidance in the report. However, consensus estimates call for $0.13 in EPS and $28.56 billion in revenue for the second quarter.

Lawrence Culp, Jr., board chair and chief executive, commented:

We saw progress in the first quarter as we continued to execute on our priorities to improve our financial position and strengthen our businesses. We announced the sale of BioPharma, closed the Wabtec merger, settled WMC, and improved our operating performance. We delivered strong industrial orders in the quarter, up 9 percent organically, with backlog closing at $374 billion, up 6 percent year over year. Our quarterly results were better than our expectations, largely driven by timing of certain items, which should balance out over the course of the year.

Shares of GE closed Monday at $9.73, in a 52-week range of $6.40 to $14.99. The consensus price target is $12.61. Following the announcement, the stock was up about 8% at $10.47 early Tuesday.