GE CEO Jeff Immelt Mark Wilson, Getty Images

GE CEO Jeff Immelt.

GE Reports Quarterly Loss, Industrial Profits Up

'The environment remains one of slow growth and volatility, particularly in growth markets, while the U.S. is gradually improving.'

NEW YORK — General Electric reported a loss Friday for the second quarter because of restructuring costs, although profits from industrial businesses rose.

GE reported a loss of $1.36 billion for the quarter ending June 30, compared with a profit of $3.54 billion a year ago. Revenues rose 1.5% to $32.75 billion.

The loss follows GE’s announcement this month that it would take a $4.3 billion charge related to a plan to sell most GE Capital businesses in order to focus on industrial segments.

“The environment remains one of slow growth and volatility, particularly in growth markets, while the U.S. is gradually improving,” GE chief executive Jeff Immelt said. ”Our industrial businesses had another quarter of strong earnings-per-share growth.”

Operating profits from GE’s industrial segment rose 4.6% to $4.36 billion. Operating profits rose in power and water and aviation, GE’s top two businesses by revenue.

Earnings translated into 31 cents per share, three cents above analyst forecasts. GE rose 2.1% to $27.61 in pre-market trade.

Copyright Agence France-Presse, 2015

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish