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GE profits off in second quarter

GE profits off in second quarter

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. Mr. Flannery reiterated that the framework for 2017 is set and he is "not anxious that we're going to be, you know, dead in the water in the meantime".

On Friday, the stock indexes of the United States looked all set to open slightly lower, as the investors were taking cues from earning reports of major industrial heavyweights like General Electric and Honeywell. "People's openness to rethinking things or thinking about things differently or challenging many things we've taken for granted is encouraged, and people get excited about that".

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. The healthcare segment saw revenues rise 4% to $4.7 billion and transportation segment revenues fell 14% to $1.07 billion.

While the company reaffirmed its full-year guidance for cash flow, profit, revenue and operating margin, it did not update its 2018 outlook.

"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", Immelt said. Of that total $242.6 billion is services backlog and $84.2 billion is equipment. Oil and gas continued to struggle with a drop of 3%.




Estimates: Earnings per share to decline 51% to 25 cents as revenue drops 13.1% to $29.12 billion, according to Zacks Investment Research.

Revenues were revealed to be $29.558 billion, against expectations of $29.015 billion, besides being off from $33.49 billion previous year. The company reported a profit of $1.19 billion, or 15 cents a share, down from $2.76 billion, or 36 cents a share, a year earlier.

Results: EPS rose to $1.80 as revenue unexpectedly climbed 1% to $10.09 billion.

Imani Moise contributed to this article.

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