General Electric Company (NYSE:GE) shares are trading lower Tuesday after the company reported financial results and announced it's experiencing ongoing challenges stemming from the Russia-Ukraine conflict, COVID-19 impacts in China, inflationary pressures and material sourcing delays.
Despite the challenges, GE reported first-quarter revenue of $17.04 billion, which beat the $16.91 billion estimate. The company reported quarterly earnings of 24 cents per share, which beat the estimate of 19 cents per share. GE also reported total orders of $18.9 billion in the quarter.
"We're holding the outlook range we shared in January, but as we continue to work through inflation and other evolving pressures, we're currently trending toward the low end of the range," said H. Lawrence Culp, CEO of GE.
GE authorized share repurchases of up to $3 billion on an ongoing basis in the first quarter.
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GE 52-Week Range: $85.29 - $116.16
According to data from Benzinga Pro, the stock was down 5.49% at $84.96 at time of publication.
Photo: courtesy of GE.