General Electric Co. said its first-quarter profit declined as
the conglomerate's revenue slipped.
Chief Executive Jeff Immelt said the company saw strength in
most markets, including power and water, aviation and oil and
gas.
Overall, GE reported a profit of $3 billion, or 30 cents a
share, down from $3.53 billion, or 34 cents a share, year earlier.
Operating earnings were 33 cents a share, down from 39 cents a
share.
Revenue declined to $34.2 billion.
Analysts polled by Thomson Reuters had recently expected
operating earnings of 32 cents a share and $34.36 billion in
revenue.
At a time of weak revenue growth, GE and its competitors have
been able to eke out more profit by cutting cuts and improving
productivity. GE also has been under pressure to reduce its
dependence on earnings from its finance arm and to improve the
performance of its industrial businesses.
GE has invested in developing new industrial operations such as
oil and gas, while shedding financial assets such as real estate
and stakes in international banks.
Write to Erin McCarthy at erin.mccarthy@wsj.com
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