GE Bulb Dims Friday on Revenue, Profit Declines

Jul 22, 2017, 00:39
GE Bulb Dims Friday on Revenue, Profit Declines

Excluding non-recurring items, adjusted earnings per share came to 28 cents, beating the FactSet consensus of 25 cents. The stock is moving on low volume, traded at a volume of 25.08 million shares, as compared to its average daily volume of 41.59 million shares. GE also saw its net profit slump 58 percent year over year.

The oil and gas division of the company, however, posted revenue of $3.1 billion, a 3 percent decline from the same time a year ago.

GE has been under intense pressure to cut expenses and pledged in March to cut $1 billion in annual industrial expenses for each of the next two years, which is twice the level of cuts originally laid out.

Revenue: $29.558 billion vs. $29.015 billion; down from $33.49 billion previous year. We've reduced our Industrial structural costs year to date by $670 million and we are on track to meet or exceed our $1 billion cost reduction target for the year.

Revenues in the oil & gas segment fell 3% year over year in the quarter from $3.22 billion to $3.11 billion. Despite the beats, EPS declined from 51 cents in the prior-year quarter while revenue declined 12% from $33.49 billion for the same period.

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In June, GE announced that Immelt would step down as CEO on August 1, to be replaced by longtime executive John Flannery.

We expect cash flow to continue to improve throughout the year.

The company's diverse units, including its power, renewable energy and health care operations, all registered revenue gains during the quarter. Industrial cash flow was $1.5 billion, much better than in the prior quarter.

Immelt said the company would be able to navigate through a market where crude oil prices are suppressing spending in some exploration and production sectors because of the global scale of GE's portfolio. The current EPS for the company has been recorded at $1.92 and the beta value recorded by the company stands at 1.32 points. It closed at $26.69 on Thursday. Six-month revenue of $4.5 billion from renewable energy was up 20 percent from a year ago.