Mark Wilson, Getty Images
GE CEO Jeff Immelt.

GE Reports Quarterly Loss, Industrial Profits Up

July 17, 2015
'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

Popular Sponsored Recommendations

7 Crucial Steps to Improve Your OT Security

Oct. 23, 2023
Enhance OT security in manufacturing and production. Uncover the crucial steps to safeguard your operational technology. Protect against evolving threats and bridge the IT-OT ...

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!