General Electric's Lower Guidance Overshadows Q2 Beat
22 July 2017, 12:56 | Hattie Nash
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GE under the agreement divested from its water and process technology unit, part of a remedy for the merger announced previous year.
GE faced a "slow-growth, volatile environment" in the quarter, Chief Executive Jeff Immelt said in his final earnings release before his August 1 retirement.
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.
Shares of GE were up more than 1 percent in premarket immediately after the announcement, then fell slightly to trade little changed. Excluding non-recurring items, adjusted earnings per share came to 28 cents, beating the FactSet consensus of 25 cents.
25 cents; down from 51 cents in last year's second quarter.
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.
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By General Electric Company (w:File:General_Electric_logo.svg) [Public domain], via Wikimedia CommonsGeneral Electric Q2 2017 earnings amounted to 13 cents per share on a net basis, marking a 57% year over year decline.
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 company affirmed its full-year forecast for cash flow, profit, revenue and operating margin.
CEO Flannery has declared in a conference that his review would take time, but it had not altered GE's 2017 outlook.
Incoming chief executive John Flannery may choose to implement a more ambitious restructuring programme.
GE during the second quarter reached an agreement with the U.S. Justice Department that closed the merger with oilfield services company Baker Hughes.
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