Daily Management Review

General Electric reports first-quarter net loss


The US diversified technology group General Electric Co. (GE) posted a net loss of $2.874 billion last quarter, compared with a profit of $6.156 billion in the same period a year ago, the company said in its financial statements.

General Electric reports first-quarter net loss
Diluted loss per share in the reporting period was $0.33 versus earnings of $0.7 per share in the same period a year ago. Revenue for the period was $17.118 billion, down 12 per cent from a year ago. Analysts had expected a figure of $17.53 billion.

"I am proud of the GE team's strong first quarter results, despite a still challenging environment for the company's aviation division. I am confident that we are well positioned to deliver profitability growth, achieve high free cash flow margins of 7-9% over time and create returns for shareholders over the long term," chairman H. Lawrence Culp, Jr. was quoted in the press release.

The company expects adjusted earnings per share of $0.15 to $0.25 for the year.

General Electric is a global diversified company operating in infrastructure projects, finance and mass media.

source: bloomberg.com