General Electric Company (NYSE:GE) stock rose 4.40% (As on October 26, 11:41:37 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 22. Aerospace revenues jumped 24% year over year to $6,705 million in the reported quarter, driven by growth in commercial services due to a significant increase in shop visits, strong spare part sales and favorable prices. Organic revenues rose 25% year over year. Orders grew 6% year over year. Organic orders also increased by the same amount. Healthcare revenues in the reported quarter totaled $4,613 million, up 6% year over year. Revenues increased 10% organically. Growth in imaging and ultrasound boosted segmental revenues. Orders were flat on a reported basis but increased 4% organically. Renewable Energy revenues totaled $3,594 million, down 15% year over year. Organically, the same declined 10%. Results were hurt by lower U.S. onshore wind volumes. Orders dropped 43% year over year on a reported basis and 41% organically. The Power segment’s revenues were down 12% year over year to $3,529 million. Organic revenues declined 5%. Softness in aero-derivative unit shipments at Gas Power and the exit of the new build coal business at Steam weighed on the segment’s performance. Orders climbed 14% on a reported basis and 20% organically. Exiting the third quarter, General Electric had cash, cash equivalents and restricted cash of $12,596 million compared with $15,770 million at the end of December 2021. Adjusted free cash flow in the reported quarter was $1,189 million, down 11.5% year over year.

GE in the third quarter of FY 22 has reported the adjusted earnings per share of 35 cents, missing the analysts’ estimates for the adjusted earnings per share of 47 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $19.08 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $19.04 billion. General Electric’s adjusted profit was $1,064 million, down 19% year over year. Margin in the quarter was 5.8%, down 160 basis points (bps). On a reported basis, the Aerospace segment reported profit of $1,284 million, up 52% year over year. Healthcare segment profit was $712 million, up 1% year over year. Renewable Energy segment incurred a loss of $934 million compared with a loss of $151 million in the year-ago quarter. Power segment reported a profit of $141 million, down 31% year over year.

General Electric expects organic revenues to grow in the low-end of high-single-digit growth range for 2022.