That doesn't mean the manufacturing giant founded by Thomas Edison in the late 1800s will be in limbo from the time the 55-year-old Flannery takes the reins from Jeffrey Immelt on August 1 until he presents his strategy to investors in November.
GE has been under intense pressure to cut expenses and pledged in March to cut $1 billion in annual industrial expenses for each of the next two years, which is twice the level of cuts originally laid out. The industrial conglomerate has been providing shareholders with a number of bottom-line figures lately, in an effort to give Wall Street a clearer picture of year-over-year performance. The healthcare segment saw revenues rise 4% to $4.7 billion and transportation segment revenues fell 14% to $1.07 billion. During its second quarter, GE cut $593 million in costs and said it was on track to meet its $1 billion savings goal.
For the company as a whole, industrial operating cash flow rose to $1.5 billion, a sharp turnaround from the previous quarter. Of that total $242.6 billion is services backlog and $84.2 billion is equipment.
The oil and gas division of the company, however, posted revenue of $3.1 billion, a 3 percent decline from the same time past year.
Data courtesy of Trade-Alert
Net profit slumped 59 per cent to $1.34-billion, or 15 cents a share, in the quarter ended June 30, from $3.30-billion, or 36 cents a share, a year earlier.
Immelt said the company would be able to navigate through a market where crude oil prices are suppressing spending in some exploration and production sectors because of the global scale of GE's portfolio.
Chairman and CEO Jeff Immelt said cash flow is expected to increase for the remainder of the year.
Shares of Dow component GE slipped 0.1% to $26.67. For the 2017 fiscal year the current consensus calls for EPS of $1.62 on revenues of $125.31 billion. The stock has fallen 19 percent in the last 12 months. On Thursday, it closed just below buy range and near the session low after setting a record high of 136.41.
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