GE shares fall as profit slumps, investors await new CEO's targets
22 July, 2017, 00:56 | Author: Rolando Keller
Revenue: $29.558 billion vs. $29.015 billion; down from $33.49 billion past year.
General Electric shares gyrated Friday after the company reported earnings that beat Wall Street's expectations but reported a 12 percent drop in revenue. GE under the agreement divested from its water and process technology unit, part of a remedy for the merger announced a year ago.
Chairman and CEO Jeff Immelt said the company expected to generate more cash flow through the remainder of the year, but acknowledged underlying market pressures.
The company has beaten the expectations of analysts on adjusted profit, but their cash flow was weak. 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.
The challenge of boosting profits and GE's many divisions will fall to incoming chief John Flannery.
Mr. Flannery is meeting with investors and visiting the business units of the roughly 300,000-person company. Industrial cash flow was $1.5 billion, much better than in the prior quarter.
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Stock: Shares dipped 0.1% before the opening bell on the stock market today, after rebounding 2.4% last week from a 21-month intraday low on July 10.
CEO Flannery has declared in a conference that his review would take time, but it had not altered GE's 2017 outlook.
The company posted earnings per share of 28 cents, beating estimates of 25 cents. He acquired power assets from France's Alstom, merged GE's oil and gas business with Baker Hughes, and moved the headquarters to Boston.
The company's net profit fell 58 percent to 15 cents a share, when the quarter ended June 30, to 36 cents a share a year earlier.
The company said Flannery will provide an update on GE's 2018 possible predictions later in the year.
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