Immelt will be replaced by John Flannery, who headed GE's health-care business. "The global scale of the Company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets", said Chief Executive Jeff Immelt, in his last quarter in charge of GE. The stock is moving on low volume, traded at a volume of 25.08 million shares, as compared to its average daily volume of 41.59 million shares.
In all, GE's second-quarter earnings fell less than expected.
We expect cash flow to continue to improve throughout the year. "People's openness to rethinking things or thinking about things differently or challenging many things we've taken for granted is encouraged, and people get excited about that".
The stock is now trading at $26.70 per share, floating in a range of $26.67 to $27.05. He acquired power assets from France's Alstom, merged GE's oil and gas business with Baker Hughes, and moved the headquarters to Boston.
Immelt sold off NBCUniversal, appliances and most of GE Capital. Flannery will focus on "reframing our look at 2018 and beyond", he said on the call. 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.
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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 USA growth remains solid. Revenue fell 11.8% to $29.6bn.
Net income was $1.2bn, down 57% from the year-ago period.
Cash flow in GE's industrial segment was a positive $1.5 billion after a shocking first-quarter shortfall of $1.6 billion.
Adjusted earnings fell to 28 cents from 51 cents a year earlier. 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.