GE Reports In-Line Earnings, Immelt Cites Slow Growth Environment

Shares of General Electric (GE) climbed in Friday trading after the company reported quarterly earnings that came in line with estimates and revenue that topped expectations.
Author:
Publish date:

Shares of General Electric (GE) climbed in Friday trading after the company reported quarterly earnings that came in line with estimates and revenue that topped expectations. GE posted a second-quarter net loss of about $1.3 billion, or $0.13 a share, tied to its plans to exit its financial services unit, GE Capital. Excluding items, GE's earnings came to $0.28 a share, down from $0.39 a share a year ago. Revenue slipped to about $32.8 billion from $36.2 billion last year. Analysts expected GE to report earnings of $0.28 a share, excluding items, on revenue of $28.7 billion. Chairman and CEO Jeff Immelt said in a statement, 'The environment remains one of slow growth and volatility, particularly in growth markets, while the U.S. is gradually improving. Our industrial businesses had another quarter of strong EPS growth of 18% and orders up 8%.' Immelt said the company is raising its 2015 industrial operating EPS guidance to $1.13 to $1.20 a share.