GE Stock Falls After Company Reports 12% Drop in Revenue

GE Stock Falls After Company Reports 12% Drop in Revenue

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. Mr. Flannery reiterated that the 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".

Friday reported dip in second-quarter profit and revenue on lackluster performance from its energy connections unit.

Mr. Bornstein defended the timeline, saying it is a "big, big body of work", and that Mr. Flannery is "getting deep on developing his own views about what we're going to invest against, what we're not going to invest against". In the same period a year ago, GE reported EPS of $0.51 on revenues of $33.49 billion.

"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", Chairman and CEO Jeff Immelt said in an earnings release.

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Cash flow in GE's industrial segment was a positive $1.5 billion after a shocking first-quarter shortfall of $1.6 billion.

Operating cash flow from GE's continuing industrial operations, adjusted to exclude deal taxes and pension plan funding, rose from $65 million to $1.47 billion year over year in the quarter.

Revenue from its power business rose 5%, while health care rose 4% and aviation was flat. Of that total $242.6 billion is services backlog and $84.2 billion is equipment.

Revenue slid 3 percent in the oil and gas unit.

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Estimates: Earnings per share to decline 51% to 25 cents as revenue drops 13.1% to $29.12 billion, according to Zacks Investment Research.

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.

General Electric said Friday it recorded a 12 percent decline in overall revenues, with its oil and gas division taking a toll on the company's financials.

Imani Moise contributed to this article.

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