Wednesday, 23 August, 2017

GE's Stock Gains After Profit And Sales Beat Expectations

Nike shares jumped almost 3% early Thursday after an analyst upgrade Nike shares jumped almost 3% early Thursday after an analyst upgrade
Heather Davidson | 22 July, 2017, 00:54

Nevertheless, second-quarter revenue and earnings were modestly ahead of analysts´ consensus forecasts.

On Friday, GE backed its prior guidance of 2017 earnings of $1.60 to $1.70 a share, and organic sales growth of 3% to 5%, but it warned that profit would be on the weak side.

GE also noted that its backlog during the quarter rose 2% year over year to $326.8 billion.

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 stated its full-year prediction for cash flow, profit, revenue and operating margin.

GE's results translated into 28c per share, 3c above analyst expectations.

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Flannery, current president and CEO of GE Healthcare, will become CEO of the corporation on August 1.

GE has cut $670-million in industrial overhead costs this year, Immelt said, and will "meet or exceed" its $1-billion target for 2017 - a goal set after discussion with activist investor Trian Fund Management.

Immelt acknowledged it was a challenging time for GE, and said it had successfully attempted to cost cuts in order to sustain profits. "People want to get the answers sooner" to Flannery's review.

Shares fell 2.8% to $25.94 in afternoon Friday trading, leaving the price about 18% below where it started the year. He acquired power assets from France's Alstom, merged GE's oil and gas business with Baker Hughes, and moved the headquarters to Boston.

In the second quarter, Earnings per Share came in at 28 cents, as opposed to expectations of 25 cents. Cash flow from operations totaled $3.6-billion, up from $400-million in the first quarter.

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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