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22 July 2017, 12:53 | Francis Delgado
Dow Leads Losses As General Electric Shares Drag Industrials
GE's results translated into 28c per share, 3c above analyst expectations.
Shares were down 3 per cent at $25.87 in mid-morning trading after earlier hitting a 2-year low. The figure was down 67 per cent from a year ago, partly reflecting the loss of contributions from the appliances division.
Nevertheless, second-quarter revenue and earnings were modestly ahead of analysts´ consensus forecasts.
GE attributed the decline in revenue to weakness in its energy connections business, which offset the strong performance in the renewable energy and power segments.
Net profit slumped 58 percent 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.
On Friday, GE said it cut $593 million in industrial costs in the second quarter and is on track to meet or beat its $1 billion savings goal by the end of the year.
US stocks close lower as General Electric drags Dow
"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.
The company affirmed its full-year forecast for cash flow, profit, revenue and operating margin. The company did not update its predictions for 2018. Six-month revenue of $4.5 billion from renewable energy was up 20 percent from past year. Mr. Flannery said the financial 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".
In all, GE's second-quarter earnings fell less than expected.
Guidance for 2018 will be provided at a later date by incoming CEO John Flannery, who will step into the role in August and the role of chairman in January.
After the release on Friday, GE shareholder Jack DeGan told CNBC that GE's new chief will likely "lower the bar" as a starting point for GE's future.
As stocks are down 18.10% this year, GE hopes with the new CEO change that it lead the company into a positive upward direction after the struggling year.
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