General Electric Will Take a Big Profit Blow as It Restates Its Earnings
General Electric can't escape the spotlight.

And the hits keep coming for industrial powerhouse General Electric (GE) .

General Electric will restate its earnings for 2016 and 2017 as part of a new accounting standard, dealing a blow of 13 cents a share and 16 cents a share to each year's respective profits. The figures were released in GE's annual report filed with the Securities & Exchange Commission (SEC) on Friday.

Shares rose slightly in pre-market trading on Monday.

GE previously disclosed on its fourth quarter earnings call it would restate its earnings to reflect the new accounting standard, which is required due to changes in accounting for long-term product service arrangements. 

The company also reiterated its full-year profit guidance of $1.00 to $1.07 a share for the second time in a week. GE Chief Financial Officer Jamie Miller reaffirmed the industrial conglomerate's guidance for the year ahead on Wednesday, citing a "great cycle" in Aviation right now.

"I think guidance was set pragmatically," Miller said at the Barclays Industrial Select Conference. "The aviation team is really executing well, so we see a nice profile there. I'd say health care should be pretty in line with 2017. They've seen nice revenue growth, they've seen really a nice, steady operating margin expansion over the last 3 years."

GE added that it's providing documents and other information requested by the SEC, and cooperating fully, with an investigation that kicked off in late Nov. 2017. The investigation is focused on GE's revenue recognition practices and internal controls over financial reporting related to long-term service agreements.

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