Moody's Corporation, General Electric Company Q2 2017 Earnings

22 July, 2017, 00:57 | Author: Devin Moran
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Second-quarter results compare to the consensus estimates for EPS of $0.25 on revenues of $29.02 billion.

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 under the agreement divested from its water and process technology unit, part of a remedy for the merger announced previous year.

GE's cash flow was below expectations and also weighed on the stock, said Jeff Windau, analyst at Edward Jones.

Shares of GE were up more than 1 percent in premarket immediately after the announcement, then fell slightly to trade little changed.

The firm's profits actually fell less than what analysts had forecast, with earnings per share coming in at 28 cents, against the 25 cents estimated.

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

25 cents; down from 51 cents in last year's second quarter. During its second quarter, GE cut $593 million in costs and said it was on track to meet its $1 billion savings goal.

"The global scale of the company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets".

The company reported a 53 percent drop in profit to $1.37 billion, or 13 cents per share. 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".

The earnings report came one month after GE announced that Immelt will step down.

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

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.


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