Why General Electric Earnings Won't Move the Needle Much
Why General Electric Earnings Won't Move the Needle Much
Data courtesy of Trade-Alert
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.
Reliance Retail's PBDIT jumps 65.8% to Rs 398 crore Revenues on a consolidated basis for RIL during the quarter grew 26.7%, to Rs 90,537 crore, against RS 71,451 crore in Q1FY17. Gross Refining Margins (GRM) for 1Q FY18 stood at United States dollars 11.9/bbl as against USD 11.5/bbl in 1Q FY17.
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.
The Baltimore Police Department has also launched an investigation and placed the officers involved on administrative leave. The Baltimore Police Department said Wednesday it was investigating the matter and the three officers seen in the video.
They are set to appear before a judge for a preliminary hearing in the case on September 7, Bucks County prosecutors said. Ross said detectives are looking through their files to check on the claims but called the information "sketchy".
The stock of BHP Billiton Limited (ADR) (NYSE: BHP ) earned "Neutral" rating by Clarkson Platou on Tuesday, November 17. The 1 year high share price is 1518.5 GBX while the 52 week low for the share price is 903.4 GBX.
The Liberal Democrats made a net gain of three seats at the election, taking their tally up to 12 in the House of Commons. However, the former Business Secretary takes over a party that is at a crossroads.
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According to USDA, the World Organization for Animal Health has recognized the United States as having "negligible risk for BSE". The OIE, the worldwide organization for animal health, recognizes the U.S.as a country at negligible risk for BSE.
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Ed Sheeran's cameo in Game of Thrones
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