J.P. Morgan's Stephen Tusa wrote that the industrial group's core-business earnings before interest and taxes are falling 10% short of the estimates it made in March.
GE's core industrial EBIT is down $800 million this year, according to Tusa. The figures, he said, compare with an average miss of 1.2% by other large-cap companies.
In addition, many of GE's corporate peers have outperformed the Boston company, even after they'd laid out their projections much earlier. Emerson Electric (EMR) - Get Report and Rockwell Automation (ROK) - Get Report did so last fall, the analyst said.
"This is not in-line performance, [few other companies have] missed EBIT by this degree this year, and no one guided as late as March," Tusa wrote.
GE's healthcare division has seen no growth, there is "downside" at its power/renewable business, and just an "in-line result" in the aviation unit, Tusa said.
The aviation results, in turn, were bolstered by the sale of spare engines to GE Capital Services, Tusa wrote, arguing that GE Bioprocess has enjoyed "all the upside."
"The temporary influence of GE Capital on segment profit, shifting the losses to corporate ... is at odds with the narrative that the page has been turned from the historic culture," Tusa wrote.
The J.P. Morgan analyst's note follows a comeback in GE's stock price, from a recent low of $8.28 on Oct. 28 to $11.52 on Nov. 8.
At last check the stock was trading down 1.7% at $11.23.