General Electric Reports ‘Robust’ Results Despite Slump in Oil Prices
General Electric reported better than expected profits despite an 18 percent year-over-year drop in revenue from its oil and gas-related business.
General Electric (GE) - Get Report reported better than expected profits despite an 18 percent year-over-year drop in revenue from its oil and gas related business. GE posted first quarter earnings of $0.21 a share, which doesn't account for losses in its finance space that's currently being sold. Wall Street was expecting profit of $0.19 a share. 'I think these numbers were pretty robust,' said Jasper Lawler, a market analyst with CMC Markets, based in London. 'Despite the obvious headwind from the oil and gas sector, it seems like the other businesses are picking up the slack.' The company is a holding of Jim Cramer's charitable trust, Action Alerts PLUS. TheStreet's Scott Gamm reports from Wall Street.
