Author Topic: GE profit plunges 59 percent  (Read 1147 times)

0 Members and 1 Guest are viewing this topic.

rangerrebew

  • Guest
GE profit plunges 59 percent
« 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
« Last Edit: July 23, 2017, 01:10:36 pm by rangerrebew »

Wingnut

  • Guest
Re: GE profit plunges 59 percent
« Reply #1 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.

Offline jpsb

  • Hero Member
  • *****
  • Posts: 5,141
  • Gender: Male
Re: GE profit plunges 59 percent
« Reply #2 on: July 23, 2017, 01:27:50 pm »
They build nothing of any value except stock holder enhancement and Imelt’s paycheck.  The guy is scum.

Jet Engine


nuke reactor

« Last Edit: July 23, 2017, 03:13:22 pm by jpsb »

Offline thackney

  • Hero Member
  • *****
  • Posts: 12,267
  • Gender: Male
Re: GE profit plunges 59 percent
« Reply #3 on: July 23, 2017, 04:54:07 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

« Last Edit: July 23, 2017, 04:56:41 pm by thackney »
Life is fragile, handle with prayer

Wingnut

  • Guest
Re: GE profit plunges 59 percent
« Reply #4 on: July 23, 2017, 05:08:28 pm »
You don't seem to understand their industrial market.


And I am comfortably numb in not knowing it.

Offline Suppressed

  • Hero Member
  • *****
  • Posts: 12,921
  • Gender: Male
    • Avatar
Re: GE profit plunges 59 percent
« Reply #5 on: July 28, 2017, 02:42:31 am »
And I am comfortably numb in not knowing it.

"Where ignorance is bliss, 'it's folly to be wise..."
+++++++++
“In the outside world, I'm a simple geologist. But in here .... I am Falcor, Defender of the Alliance” --Randy Marsh

“The most effectual means of being secure against pain is to retire within ourselves, and to suffice for our own happiness.” -- Thomas Jefferson

“He's so dumb he thinks a Mexican border pays rent.” --Foghorn Leghorn