- General Electric (GE) first-quarter operating earnings of $3.7 billion, or 36 cents a share, down 5% from a year earlier.
- Earnings beat consensus estimate of 35 cents.
- Revenue of $35.1 billion misses consensus estimate of $35.6 billion.
- Industrial revenue down 1% year-over-year, Power & Water down 17%.
- GE Capital pays $1.9 billion dividend to parent company.
Industrial SegmentsTotal industrial revenues were down 1% from a year earlier, to $25.168 billion in the second quarter, with all industrial segments showing year-over-year revenue growth except for Power & Water, which was down 17%, and Healthcare, which was flat. GE said the Power & Water unit's shipments "are expected to strengthen in the second half of the year." The company also said it had reduced industrial structural costs by $474 million during the first half of the year, and was on track for an industrial profit margin expansion of 70 basis points for all of 2013. Power & Water segment, second-quarter revenue totaled $5.719 billion, increasing from $4.825 billion in the first quarter, but declining from $6.900 billion during the second quarter of 2012. Second-quarter profit for the Power & Water segment was $1.087 billion, increasing from $719 billion the previous quarter, but declining from $1.303 billion a year earlier.
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Interested in more on General Electric? See TheStreet Ratings' report card for this stock. -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn