GE's Stock Gains After Profit And Sales Beat Expectations
00:43, Jul 22, 2017
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Chairman and CEO Jeff Immelt said the company expected to generate more cash flow through the remainder of the year, but acknowledged underlying market pressures.
Shares of GE were up more than 1 percent in premarket immediately after the announcement, then fell slightly to trade little changed.
On the company's and analysts' preferred basis of comparison, industrial operating and verticals earnings fell 48%, from $4.68 billion in the second quarter of 2016 to $2.42 billion and adjusted EPS fell 45%, to $0.28. He acquired power assets from France's Alstom, merged GE's oil and gas business with Baker Hughes, and moved the headquarters to Boston.
The outlook marks a disappointing end to Immelt's tumultuous 16-year tenure as chief executive officer, during which GE trailed the broader stock market.
The challenges of navigating those markets will fall to John Flannery, a GE veteran whose most recent job was to run the health-care unit, after he takes over from Immelt on August 1. "People want to get the answers sooner" to Flannery's review. Flannery will focus on "reframing our look at 2018 and beyond", he said on the call.
"We've reduced our Industrial structural costs year to date by $670 million and we are on track to meet or exceed our $1 billion cost reduction target for the year", Immelt said. "We expect cash flow to continue to improve throughout the year".
The average 12 month price objective among brokerages that have issued a report on the stock in the past year is $14.78. Dominion Diamond Corporation had a positive return on equity of 1.46% and a negative net margin of 1.07%.
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