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GE’s earnings included an array of nonstandard — and confusing — numbers

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Tuesday’s report was a reminder of GE’s past practice of offering up to four separate numbers to reflect earnings per share

But that’s no excuse for General Electric Co.’s GE, +7.40% third-quarter earnings release early Tuesday to include quite so many nonstandard, non-GAAP numbers; to fail to include consolidated numbers; or to fail to offer a balance-sheet update.

And she noted that the company filed its 10-Q with the Securities and Exchange Commission with full financial statements ahead of its investor call, so that investors had all relevant information and context. “That’s why we no longer include them in the press release,” she said. Because of that, Tuesday’s release focused on the individual businesses with far less emphasis on the consolidated numbers. It was Page 7 of the report before a consolidated net income number could be found, and that was confusingly placed under the headline “Adjusted Earnings ”.

In the table, the company included adjusted revenue — by removing insurance revenue, as that’s a runoff business.

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