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GE reports lower quarterly net
Source: Agencies |
July 18, 2009, Saturday
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GENERAL Electric Co reported a sharply lower quarterly profit and missed Wall Street's revenue targets on weakness at its finance and NBC media businesses.
Quarterly revenues from continuing operations were US$39.1 billion, a drop of 17 percent year on year. Analysts expected the conglomerate to report revenue just north of US$42 billion.
Earnings per share were 26 cents in the period, 2 cents better than expected.
"We are executing through the recession by aggressively controlling costs and driving working capital improvements while continuing to invest for future growth," said GE Chairman and CEO Jeff Immelt.
"Our service businesses had positive order and earnings growth in the first half of 2009, and we see this strength carrying over to the second half," Immelt added.
Excluding the effects of foreign exchange, GE said its Capital Finance arm has cut its net investment by US$24 billion in the first half of the year.
Quarterly revenues from continuing operations were US$39.1 billion, a drop of 17 percent year on year. Analysts expected the conglomerate to report revenue just north of US$42 billion.
Earnings per share were 26 cents in the period, 2 cents better than expected.
"We are executing through the recession by aggressively controlling costs and driving working capital improvements while continuing to invest for future growth," said GE Chairman and CEO Jeff Immelt.
"Our service businesses had positive order and earnings growth in the first half of 2009, and we see this strength carrying over to the second half," Immelt added.
Excluding the effects of foreign exchange, GE said its Capital Finance arm has cut its net investment by US$24 billion in the first half of the year.
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