GE Bulb Dims Friday on Revenue, Profit Declines

22 July, 2017, 00:57 | Author: Yolanda Murray
  • Stock markets are very bullish

Revenue fell 11.8% to $29.6bn.

General Electric is expected to report its second quarter earnings before the markets open today.

GE watched as operations fell 67 percent to $3.6 billion in the previous year, looking back at the loss of its appliances division, which the company had sold.

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Veteran chief executive Jeff Immelt, who is soon to step down after almost two decades at the helm, claimed the behemoth was on course to "meet or exceed" its $1bn cost-cutting target for the year, having already reduced structural costs by $670m year-to-date.

Shares fell 2.8% to $25.94 in afternoon Friday trading, leaving the price about 18% below where it started the year.

Cash flow in GE's industrial segment was a positive $1.5 billion after a shocking first-quarter shortfall of $1.6 billion. They have cut $670 million from their industrial structural costs this year so far, and they're on track to meet or surpass their target of $1 billion in cost reductions for this year.

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GE's net profit slumped 58% to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier. GE posted adjusted earnings of 28 cents per share on $29.56 billion in revenue, compared to the consensus estimates of 25 cent per share on $29.14 billion in revenue.

"The global scale of the company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets", added Immelt. Immelt announced his resignation last month. He is set to be replaced as CEO by John Flannery on August 1.

The company said Flannery will provide an update on GE's 2018 possible predictions later in the year. Mr. Immelt will step down at the end of the month after 16 years and be succeeded by health-care unit chief John Flannery.

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