Sunday, 18 November, 2018

GE Stock Falls After Company Reports 12% Drop in Revenue

SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.L) CMF Reading Holds Above Zero Dow Leads Losses As General Electric Shares Drag Industrials
Derrick Tucker | 22 July, 2017, 00:57

The conglomerate reported an expectedly hard report to analyze.

Estimates: Honeywell is expected to post a 7% gain in EPS to $1.78 as sales dip 1.6% to $9.84 billion. Revenue was also slightly higher than forecasts for $29.015bn.

Net income was $1.2bn, down 57% from the year-ago period. The S&P 500 fell 0.1 percent, with industrials and energy leading decliners.

The oil and gas division of the company, however, posted revenue of $3.1 billion, a 3 percent decline from the same time previous year. Profit also fell in the power and transportation divisions, but rose in renewable energy, aviation and healthcare. Cash flow from operations totaled $3.6-billion, up from $400-million in the first quarter. Of that total $242.6 billion is services backlog and $84.2 billion is equipment.

Even though the arrival of a new CEO is a comparative rarity at the manufacturer - Immelt held the job for 16 years and Welch ran the company for 20 - morale is strong and the company's workforce of 300,000 is committed to helping Flannery succeed, said Jeff Bornstein, who will continue as CFO and has been promoted to vice chairman. During its second quarter, GE cut $593 million in costs and said it was on track to meet its $1 billion savings goal.

SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.L) CMF Reading Holds Above Zero

John Flannery, current president and CEO of GE Healthcare, has been named CEO of the company, effective August 1, and chairman effective Jan.1, 2018.

GE continues to forecast 2017 adjusted EPS in the range of $1.60 to $1.70.

Both sides agreed unanimously on the arrangement in October, with the oil and gas unit of GE taking a 62.5 percent stake in Baker Hughes for an entity with combined revenue of $32 billion.

Outlook: Honeywell raised its full-year revenue target to $39.3 billion to $40 billion.

GE rose less than 1 percent to $26.89 in NY before regular trading.

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