Why General Electric Earnings Won't Move the Needle Much
Why General Electric Earnings Won't Move the Needle Much
General Electric Makes Progress on Cost-Cutting
22 July, 2017, 00:47
Shares of General Electric Co. tumbled to the lowest level seen in almost two years on Friday, as outgoing Chief Executive Jeff Immelt ended his reign of the industrial conglomerate with a downbeat outlook.
Immelt said the company already cut expenses by $670 million and was on pace to meet or exceed its $1 billion target by the end of the year. Organic industrial revenue rose 2%.
Immelt ended Friday's conference call by thanking the GE finance team, and by saying he just wanted investors to appreciate the "incredible work" that has gone into the 64 quarterly reports that have been released since he was in charge. GE combined its own oil and gas operations with Baker Hughes Inc., a provider of oil-field services and equipment, to form a new public company controlled by GE. The healthcare segment saw revenues rise 4% to $4.7 billion and transportation segment revenues fell 14% to $1.07 billion. Oil and gas revenue fell 3% to $3.11 billion but was above the FactSet consensus of $2.93 billion and power revenue increased 5% to $6.97 billion to beat expectations of $6.64 billion, but flat aviation revenue of $6.53 billion missed expectations of $6.70 billion. Mr. Immelt will step down at the end of the month and be replaced by health-care unit chief John Flannery.
Operating earnings in 2017 will be $1.60 to $1.70, GE said, reaffirming an earlier forecast. The stock has fallen 19 percent in the last 12 months. Oil and gas continued to struggle with a drop of 3%.
GE reported $29.6 billion in revenue for the second quarter, down 12 percent from the same period past year.
Revenue was also lower than in the year-ago period, falling 12% from $33.49bn to $29.558bn. The market capitalization billion for the company is reported at $232.29 Billion.
By General Electric Company (w:File:General_Electric_logo.svg) [Public domain], via Wikimedia CommonsGeneral Electric Q2 2017 earnings amounted to 13 cents per share on a net basis, marking a 57% year over year decline.
In the second quarter, Earnings per Share came in at 28 cents, as opposed to expectations of 25 cents.
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Court to decide Charlie Gard's fate next week
Michio Hirano , an American neurology expert from Columbia Medical Center in NY who has designed the experimental treatment. Charlie suffers from a rare genetic condition and has brain damage.
Reliance Retail's PBDIT jumps 65.8% to Rs 398 crore
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Audi ad likens women to used cars in Chinese ad
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Caitlyn Jenner and Steven Tyler Are Recording a Duet
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BHP hit by $546m Chilean strikes burden
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