NEW YORK
General Electric reported lower second-quarter earnings Friday following a mixed performance of its industrial division as outgoing chief executive Jeff Immelt prepares to step down.
Net income was $1.2 billion, down 57 per cent from the year-ago period.
Revenues fell 11.8 per cent to $29.6 billion. The results in the 2016 period were boosted by the inclusion of appliances assets that have since been sold.
GE in June announced that Immelt would step down as chief executive August 1, to be replaced by longtime executive John Flannery.
GE has struggled to ignite strong growth in its industrial divisions after Immelt moved over the last two years to sell massive finance assets.
In the second quarter, oil and gas once again was a drag, with profits falling by more than 50 per cent. Profits also fell in the power and transportation divisions, but rose in renewable energy, aviation and health care.
“GE’s portfolio enables us to execute in a slow-growth, volatile environment,” said chief executive Jeff Immelt.
“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.”
GE’s results translated into 28 cents per share, three cents above analyst expectations.
Shares of Dow component GE slipped 0.1 per cent to $26.67.
