GE's New CEO: Don't Expect 'Paralysis' During Company's Reset

Is Wall Street Enjoying Oil’s Gains

Revenue fell 12 per cent to $29.56-billion, slightly above the $29.02-billion consensus estimate of analysts polled by Thomson Reuters I/B/E/S. GE said its appliances sale eliminated $3.1-billion of revenue. Also, GE added that their profit and cash flow for entire year will be at the low end of its forecasts.

GE's earnings report will be the last for outgoing CEO Jeff Immelt, who had been criticised by numerous company's shareholders.

Today's selloff would mark the eighth straight quarter that GE shares declined on the day earnings results were reported.

Shares of the USA conglomerate fell more than 4% in morning trade after it said profits fell 57% to $1.2bn, as sales in its oil and gas, transportation and lighting divisions fell.

Mr. Flannery is meeting with investors and visiting the business units of the roughly 300,000-person company. 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". Industrial cash flow was $1.5 billion, much better than in the prior quarter.




While GE is the world's 14th-largest company, according to Forbes magazine, its shares have dropped 20% over the past 12 months to $25.98 as oil-equipment sales were curbed by lower crude prices and a government debate over possible cuts to Obamacare hampered purchases of health-care equipment. He acquired power assets from France's Alstom, merged GE's oil and gas business with Baker Hughes, and moved the headquarters to Boston.

"We've reduced our Industrial structural costs year to date by $670 million and we are on track to meet or exceed our $1 billion cost reduction target for the year", Immelt said in the earnings statement.

The company said Flannery will provide an update on GE's 2018 possible predictions later in the year.

Adjusted earnings fell 45 per cent to 28 cents a share, compared with estimates for 25 cents.

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.

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