GE Bulb Dims Friday on Revenue, Profit Declines

Stock markets are very bullish

Revenue fell 12% to $29.56 billion.

Winners and Losers: Shares of General Electric sunk almost 3 percent after posting a decline in second-quarter profit.

GE shares have dropped 16 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 10 percent.

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.

Today's selloff would mark the eighth straight quarter that GE shares declined on the day earnings results were reported.

In a statement on Friday, Immelt said: "We're looking forward to a smooth transition of the CEO position on August 1, when John Flannery becomes CEO".

Mr. Flannery is meeting with investors and visiting the business units of the roughly 300,000-person company. GE set off alarm bells after reporting negative $1.6 billion in industrial operating cash flows in the first quarter, as working capital increased.

At GE Power, the world's largest maker of gas turbines, revenue climbed 5 percent. Despite the beats, EPS declined from 51 cents in the prior-year quarter while revenue declined 12% from $33.49 billion for the same period. GE posted adjusted earnings of 28 cents per share on $29.56 billion in revenue, compared to the consensus estimates of 25 cent per share on $29.14 billion in revenue. They have cut $670 million from their industrial structural costs this year so far, and they're on track to meet or surpass their target of $1 billion in cost reductions for this year.

GE during the second quarter reached an agreement with the U.S. Justice Department that closed the merger with oilfield services company Baker Hughes.

The company's net profit fell 58 percent to 15 cents a share, when the quarter ended June 30, to 36 cents a share a year earlier.

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