GE profit down 35%, but tops forecasts
US conglomerate General Electric on Friday reported a 35 percent drop in first-quarter profit to $2.89 billion, but beat expectations as its financial arm remained profitable.
By Agencies |
NEW YORK: US conglomerate General Electric on Friday reported a 35 percent drop in first-quarter profit to $2.89 billion, but beat expectations as its financial arm remained profitable.
The company, sometimes seen as a bellwether of the US economy, also said it needed to cut costs further -- by $5 billion and had been reducing staff levels.
The profit amounted to 26 cents per share, topping analyst expectations of earnings of 21 cents per share for the conglomerate that makes transportation and energy equipment, controls the NBC Universal media group and has a big financial services arm.
Revenues however fell below expectations, dropping nine percent from a year ago to $38.4 billion.
Chief executive Jeff Immelt that that the results were consistent with company forecasts, adding that "Amid a continued weak economy, we're performing well and our backlog (or orders) remains strong."
The company, sometimes seen as a bellwether of the US economy, also said it needed to cut costs further -- by $5 billion and had been reducing staff levels.
The profit amounted to 26 cents per share, topping analyst expectations of earnings of 21 cents per share for the conglomerate that makes transportation and energy equipment, controls the NBC Universal media group and has a big financial services arm.
Revenues however fell below expectations, dropping nine percent from a year ago to $38.4 billion.
Chief executive Jeff Immelt that that the results were consistent with company forecasts, adding that "Amid a continued weak economy, we're performing well and our backlog (or orders) remains strong."
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