Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GE profitable again in Q1 oil earnings fall  Join our daily free Newsletter

MENAFN - AFP - 21/04/2017
No. of Ratings : 0
Add to Mixx!


(MENAFN - AFP) Higher power and aviation earnings helped General Electric return to profitability in the first quarter as it announced plans Friday for cost cuts this year and next.

But the industrial conglomerate, under pressure from activist Trian Partners to boost profitability, reported lower earnings in the oil and gas business and described conditions in the sector as still challenging despite higher oil prices.

"GE had a good quarter in a slow-growth and volatile environment," chief executive Jeff Immelt said on a conference call with analysts, adding that he sees global growth "accelerating" and the US continuing to improve.

Immelt said GE would cut 1 billion in costs in 2017 and another 1 billion in 2018. The longtime GE chief is being prodded by Trian's Nathan Peltz to boost returns, sparking speculation Immelt could soon retire.

GE reported 619 million in profits in the three months ending March 31, up from a 61 million loss in the year-ago period when it was hit by one-time costs linked to asset sales.

Revenues dipped 0.7 percent to 27.7 billion.

Operating profits growth was strongest in por, aviation and renewable energy.

Executives also touted a large electricity deal in #Iraq and a soon-to-be-announced power service deal in the Middle East that chief financial officer Jeff Bornstein described as "a really phenomenal transaction."

But oil and gas remained a weak point, with operating profits falling 33 percent to 207 million, an indication that the market for oilfield services remains pressured after a two-year slump in oil prices that has abated only in recent months.

GE said it notched the strongest oil and gas orders in 10 quarters, yet producers remain skittish about approving significant new investment.

"The timing of the recovery will vary by segment, and a large degree of uncertainty remains," Bornstein said. "Crude inventory remains at a five-year high and markets are closely watching."

Immelt said a planned combination of GE Oil & Gas with oil services company Baker Hughes remains on track and is expected to close by midyear.

Shares of GE dropped 1.5 percent to 29.81 in mid-morning trade.

MENAFN2104201701430000ID1095408580


 


AFP




  MENA News Headlines
 Apr 25 2017 - 20 Daesh terrorists killed, injured by Lebanese armyJordan News Agency
(MENAFN - Jordan News Agency) Beirut, April 25 (Petra)-- More than 20 terrorists from the Daesh terror group were killed and injured late Monday in intensive raids conducted in Jaroud Qaa and Jaroud ...

 Apr 25 2017 - Jordan- Deputizing for King, awqaf minister attends Israa wal Miraj celebrationJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 24 (Petra)--Deputizing for His Majesty King Abdullah II, Minister of Awqaf and Islamic Affairs Wael Arabiyat on Monday , attended a ceremony marking the ...

 Apr 25 2017 - Jordan- FM, German counterpart hold talksJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 24 (Petra)--Minister of Foreign and Expatriate Affairs Ayman Safadi held talks in Amman on Monday, with German Vice Chancellor and Foreign Minister Sigmar ...

 Apr 25 2017 - Israeli forces arrest 16 Palestinian in West BankJordan News Agency
(MENAFN - Jordan News Agency) Ramallah, April 25 (Petra)--Israeli occupation forces on Tuesday, arrested 16 Palestinians from various West Bank cities, according to a Palestinian sources. The ...

 Apr 25 2017 - Jordan- King visits army headquartersJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 24 (Petra) -- His Majesty King Abdullah II, the Supreme Commander of the Jordan Armed Forces, Arab Army, Monday, visited the army's headquarters. Upon ...

 Apr 25 2017 - North Korea conducts large-scale artillery drillsJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 25 (Petra) -- North Korea has conducted large-scale artillery exercises on Tuesday on the 85th anniversary of the foundation of its army, South Korea's ...

 Apr 25 2017 - Jordan- Pleasant weather forecast till ThursdayJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 25 (Petra)-- A rise in temperatures is expected on Tuesday, becoming around their annual average and creating warm and pleasant conditions across much of ...

 Apr 25 2017 - Jordan- PM, economic team visit RJJordan News Agency
(MENAFN - Jordan News Agency) Amman, Apr 17 (Petra) -- Prime Minister, Hani al-Mulki and the government's economic team Monday visited the Royal Jordanian (RJ), as part of field trips the ...

 Apr 25 2017 - Jordan- Royal Decree appoints Badran president of NCDC's higher councilJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 24 (Petra)--A Royal Decree was issued on Monday appointing Adnan Badran as President of the Higher Council of the National Curriculum Development Center ...

 Apr 25 2017 - Dubai Mall briefly plunged into darkness by power outageGulf Times
(MENAFN - Gulf Times) A power outage briefly plunged the glitzy Dubai Mall, one of the world's largest shopping centres, into darkness on Monday, Dubai's government media office and a local ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help