General Electric Co (NYSE:GE) shares hit a new 52-week low on Tuesday after the company reported financial results.
What Happened: 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 maintained its previously issued guidance, though GE CEO Larry Culp noted the company is trending toward the low end of its guidance range.
Why It Matters: Hightower Advisors' Stephanie Link said the reason she initially bought GE stock was that the company appointed Culp to CEO. He's got a great track record, Link said Tuesday on CNBC's "Fast Money Halftime Report."
"And that doesn't change in my book after today," she said. "In fact, I think this is such an overreaction, I can't wait to actually add to it."
See Also: General Electric Q1 Print Shows Strong Orders, But One Issue Continues
Link noted that she can't add to her position yet because of trading restrictions, but she confirmed that she will buy more GE stock when unrestricted.
Earnings beat expectations, while revenue and free cash flow numbers were in line, she said, adding that both orders and margins increased year-over-year.
"Aviation is your stand out. It's 35% of total revenues. It's one of the main reasons I own the stock and you had orders up 32%," she emphasized.
Although healthcare numbers were disappointing, the results were tied to margins not demand, she said. Orders were up 9%, she added.
The business isn't going anywhere and supply chain headwinds will eventually ease, Link said: "Should it be down 3%, 4%? Probably. Down 12%? You have to be kidding me. This is a buy."
GE Price Action: GE shares were down 10.5% at $80.41 at press time, according to data from Benzinga Pro.
Photo: courtesy of GE.
