GE revenue falls 12% on weakness in energy connections business


Whittier Trust Co. raised its stake in shares of Portland General Electric Company (NYSE:POR) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC).

The oil and gas division of the company, however, posted revenue of $3.1 billion, a 3 percent decline from the same time previous year.

GE also said it would update its 2018 earnings target of $2 a share in November, later than analysts had expected. But Wall Street analysts have already scaled back their profit forecast for 2018 to $1.81 a share.

JPMorgan said in an equity strategy note that global earnings growth remains intact, with the most notable improvement in Europe and to some extent emerging markets, while United States growth remains solid.

GE was little changed before regular trading in NY.

Outgoing GE boss Jeffrey Immelt said the company was working in a "slow-growth, volatile environment". The correct version of this story can be read at

GE's oil and gas business also remained weak. "People want to get the answers sooner" to Flannery's review.

"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 in the earnings statement.

On Aug. 1, GE gets its first new chief executive in 16 years, marking the end of the Jeff Immelt era.

GE said its appliances sale eliminated $3.1bn of revenue.

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An Opec-led production cut and a rebound in demand have helped increase oil prices, which are presently hovering around $50 per barrel. That decision comes as the company continues to work refocusing on its core industrial operations. The conglomerate reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.03.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. The firm's revenue for the quarter was down 11.8% on a year-over-year basis.

Total oil and gas production fell to 316,000 boe/d, including total liquids production of 124,900 barrels per day (bbls/d), from 368,300 boe/d a year earlier.

Peers in the industrial sector.SLPRCI, such as Caterpillar (CAT.N) and 3M (MMM.N), also fell.

GE on Friday stuck by its forecast for 2017, reaffirming expectations for operating earnings of $1.60 to $1.70. GE is the biggest holding of the ETF, comprising 7.6% of the portfolio.

Third Point, run by billionaire Dan Loeb, in April said the spin off of the aerospace business could create more than $20bn in shareholder value.

Material from Reuters was used in this report.

Honeywell had forecast a decline of 10% to 12%. Portland General Electric Company has a 12-month low of $40.28 and a 12-month high of $48.06.

Margins in the business rose to 23.4% from 21.4%. During the same period past year, the business posted $0.51 earnings per share. Following the purchase, the chairman now owns 2,561,926 shares of the company's stock, valued at approximately $71,913,262.82. Analysts anticipate $1.62 a share, based on the average of estimates compiled by Bloomberg.

Net income was US$1.2 billion, down 57 percent from the same period a year ago.