The Briefing Room

General Category => Economy/Business => Topic started by: rangerrebew on July 23, 2017, 01:09:29 pm

Title: GE profit plunges 59 percent
Post by: rangerrebew on July 23, 2017, 01:09:29 pm
GE profit plunges 59 percent

Friday, July 21, 2017 - 00:59

But the industrial conglomerate's earnings and revenue beat Wall Street's forecasts, and it boosted cash flow. Fred Katayama reports.
 

General Electric's quarterly profit fell almost 60 percent in Jeff Immelt's final report as CEO of the industrial conglomerate. The sale of its appliances business hurt results. Revenue dropped sharply due to weakness in the energy connections business that provides electrification and automation products. But the profit and revenue surpassed Wall Street's expectations. And the company said it was on its way to meeting or exceeding its $1 billion cost cutting target. Under pressure to report strong cash flow, GE responded. Cash flow from operations rose nine-fold from the previous quarter. William Blair analyst Nicholas Heymann said, "In sum, GE's results were encouraging on cash flow from operating activities, weak on industrial margins, and satisfactory on most other key metrics." GE shares fell at the start of trading, deepening their nearly 16 percent loss this year.

http://www.reuters.com/video/2017/07/21/ge-drags-wall-street-lower?videoId=372151903&videoChannel=5&channelName=Business
Title: Re: GE profit plunges 59 percent
Post by: Wingnut on July 23, 2017, 01:22:49 pm
GE has exported 40,000 or more jobs overseas.  Sold off their appliance busn to the chinese...  They build nothing of any value except stock holder enhancement and Imelt’s paycheck.  The guy is scum.
Title: Re: GE profit plunges 59 percent
Post by: jpsb on July 23, 2017, 01:27:50 pm
Quote from: Wingnut on July 23, 2017, 01:22:49 pm
They build nothing of any value except stock holder enhancement and Imelt’s paycheck.  The guy is scum.

Jet Engine
(https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2014/10/10/102078656-452471832.530x298.jpg)

nuke reactor
(https://upload.wikimedia.org/wikipedia/commons/1/1e/Lungmen.jpg)
Title: Re: GE profit plunges 59 percent
Post by: thackney on July 23, 2017, 04:54:07 pm
Quote from: Wingnut on July 23, 2017, 01:22:49 pm
GE has exported 40,000 or more jobs overseas.  Sold off their appliance busn to the chinese...  They build nothing of any value except stock holder enhancement and Imelt’s paycheck.  The guy is scum.

You don't seem to understand their industrial market.

http://www.geindustrial.com/industries/industrial

http://www.geindustrial.com/industries/oil-gas

http://www.geindustrial.com/industries/mining

Title: Re: GE profit plunges 59 percent
Post by: Wingnut on July 23, 2017, 05:08:28 pm
Quote from: thackney on July 23, 2017, 04:54:07 pm
You don't seem to understand their industrial market.


And I am comfortably numb in not knowing it.
Title: Re: GE profit plunges 59 percent
Post by: Suppressed on July 28, 2017, 02:42:31 am
Quote from: Wingnut on July 23, 2017, 05:08:28 pm
And I am comfortably numb in not knowing it.

"Where ignorance is bliss, 'it's folly to be wise..."