Moody's Corporation, General Electric Company Q2 2017 Earnings

Moody's Corporation, General Electric Company Q2 2017 Earnings

Moody's Corporation, General Electric Company Q2 2017 Earnings

Revenue fell 12 percent to $29.56 billion.

GE reported $29.6 billion in revenue for the second quarter, down 12 percent from the same period previous year.

General Electric (GE) reported lower second-quarter earnings on Friday following a mixed performance of its industrial division, as outgoing CEO Jeff Immelt prepares to step down.

The company has beaten the expectations of analysts on adjusted profit, but their cash flow was weak.

GE's results translated into 28c per share, 3c above analyst expectations.

Flannery, a GE veteran, has said he will make cash flow a focus when he takes the helm on August 1.

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Shares of the USA conglomerate fell more than 4% in morning trade after it said profits fell 57% to $1.2bn, as sales in its oil and gas, transportation and lighting divisions fell. The shares fell to their lowest level since October 2015.

Mr. Flannery is meeting with investors and visiting the business units of the roughly 300,000-person company.

At GE Power, the world's largest maker of gas turbines, revenue climbed 5 percent.

The company posted earnings per share of 28 cents, beating estimates of 25 cents. Industrial cash flow was $1.5 billion, much better than in the prior quarter.

GE has cut $670-million in industrial overhead costs this year, Immelt said, and will "meet or exceed" its $1-billion target for 2017 - a goal set after discussion with activist investor Trian Fund Management.

GE during the second quarter reached an agreement with the U.S. Justice Department that closed the merger with oilfield services company Baker Hughes. The company reported a profit of $1.19 billion, or 15 cents a share, down from $2.76 billion, or 36 cents a share, a year earlier. Despite the beats, EPS declined from 51 cents in the prior-year quarter while revenue declined 12% from $33.49 billion for the same period.

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