Revenues were revealed to be $29.558 billion, against expectations of $29.015 billion, besides being off from $33.49 billion previous year.
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.
Data courtesy of Trade-Alert
CFRA analyst Jim Corridore throws in the towel, downgrading shares to Hold from Buy, cutting his price target to $27 from $36 as well as his 2018 EPS estimate to $1.80 from a previous forecast of $1.85. They have cut $670 million from their industrial structural costs this year so far, and they're on track to meet or surpass their target of $1 billion in cost reductions for this year.
GE's closely watched cash flow from operations fell 67 percent to $3.6 billion from a year ago, reflecting the loss of contributions from the appliances division that the company sold. The company's profit rose 6% to $1.4 billion in the second quarter, and revenue increased about 1% to $10.08 billion. The healthcare segment saw revenues rise 4% to $4.7 billion and transportation segment revenues fell 14% to $1.07 billion.
US Fines Exxon $2 Million Over Russia Sanctions Breaches
Tillerson, who has deep ties to Russian Federation and received an Order of Friendship from Moscow, left the firm to become U.S. Mr Sechin was Mr Tillerson's main partner as Exxon sought to drill in the Arctic's Kara Sea, which has vast untapped potential.
GE management expects its cash flow to keep improving throughout the year.
GE's cash flow was below expectations and also weighed on the stock, said Jeff Windau, analyst at Edward Jones. It'll be longtime CEO Jeffrey Immelt's last chance to seal his legacy at the company before stepping down at the end of the month.
OJ Simpson granted parole, to be released early from prison
Simpson"; her eyes welled when the actor Sarah Paulson took the stage and apologized to her on behalf of a judgmental nation. The board previously granted Simpson parole in 2013 on a burglary count, and two counts each of kidnapping and robbery.
"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", added Immelt.
GE continues to forecast 2017 adjusted EPS in the range of $1.60 to $1.70. However, GE stock has fallen in value over the course of Immelt's tenure and investors have been impatient for change.
Polish parliament sends Supreme Court reform bill to committee
But he said that dialogue between the European Union and Poland should continue while the legislation is being worked on. Its eurosceptic backers revel in clashes with Brussels. "The situation, including at worldwide level, is really serious".