Finance

GE profitable again in Q1; oil business still weak

GE profitable again in Q1; oil business still weak

The company is expected to report earnings of $0.17 a share for the next quarter.

Despite a challenging macroeconomic environment, sustained restructuring initiatives for a leaner firm with a re-focus on core operations enabled General Electric Company (GE - Free Report) to report relatively strong first-quarter 2017 results.

Shares were down 2.3 percent at $29.57 in afternoon trading, making it the second-biggest decliner on the Dow Jones Industrial Average.

The first quarter was a strong start to the year with organic revenues +7%, orders +10%, and Industrial operating margin +130 bps. Backlog was $324.3 billion, up 3 percent from past year. Analysts had been expecting earnings of 17 cents per share and $26.37 billion in revenue. Estimated free cash flow and dispositions are forecast in a range of $16 billion to $20 billion.

General Electric Company (GE) is expected to post revenue of $30.22 Billion in the current quarter, according to consensus of 11 analysts. The stock appeared -6.12% below its 52-week highs and is up 1.68% for the last five trades. For the last period, the company reported quarter over quarter EPS growth of 46.20% and quarter over quarter sales growth of -2.40%. The merger, which will give GE a 62.5 percent ownership stake, is on track to close midyear, GE said.

Since the start of the New Year, General Electric Company (NYSE:GE) shares have seen a move of -4.31%.

Bernstein Upgrade its coverage for General Electric Company (GE) in a note sent to investors on 16-Dec-16.

Durant optimistic of playing in Warriors' Game 3 at Portland
On Wednesday, Thompson was a bit more physical from the tip, getting into McCollum and taking away his creative space. Through three quarters, the Blazers were 24-of-73 shooting with 17 turnovers and a microscopic 73.4 offensive rating.

Total segment profit climbed 48 percent, reflecting higher industrial segment profit and sharply lower loss in Capital segment.

Stock is now moving with a positive distance from the 200 day simple moving average of approximately 0.51%, and has a poor year to date (YTD) performance of -3.44% which means the stock is constantly subtracting to its value from the previous fiscal year end price.

But oil and gas remained a weak point, with operating profits falling 33 percent to $207 million, an indication that the market for oilfield services remains pressured after a two-year slump in oil prices that has abated in recent months. Cash and marketable securities at quarter-end aggregated $83.5 billion, while free cash utilization was $267 million.

General Electric Company (NYSE:GE) last issued its quarterly earnings data on Friday, April 21st.

GE revenues, from all affiliated companies except GE Capital, increased 4 percent to $25.48 billion.

Jeff Immelt, Chairman and CEO, said, "GE is continuing its portfolio transformation and investing in innovations in GE Digital and GE Additive". GE hopes to capitalize on an eventual rebound through a deal announced past year to combine its oil business with Baker Hughes Inc.


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