GE reports second quarter earnings: delivering on its portfolio strategy

GE has released its second-quarter results for 2017. The company reported a solid quarter with US$0.28 earnings per share, despite a challenging and competitive global environment with economic volatility. Industrial cash from operating activities for the second quarter was US$1.5 billion, significantly better than first quarter and better than second quarter last year. GE expects cash flow to continue to improve throughout the year. The company’s Industrial segment organic revenue increased by 2 percent (excluding the effects of mergers, acquisitions, and foreign currency), industrial operating profit grew by 4 percent, and orders increased to US$28.3 billion, up 6 percent. Industrial businesses like Aviation and Healthcare continued their strong performance. GE also returned US$7.8 billion back to shareowners through dividends and buybacks.

GE made progress on its portfolio strategy. The company acquired the rotor blade manufacturer LM Wind Power, and combined GE Oil & Gas with Baker Hughes to create Baker Hughes, a GE company – the world’s first fullstream oil and gas company offering services, equipment and digital solutions to the industry.

GE’s ability to innovate industry-leading products and services has enabled the company to unlock productivity gains across its businesses and markets. In the second quarter, GE signed US$31 billion in orders and commitments at the Paris Air Show. In Algeria, GE Power signed a US$3 billion agreement with Sonelgaz, including the business’ largest services agreement, and in Saudi Arabia, the company signed US$15 billion in MoUs and agreements for industrial project development and cross-sector capacity building. Markets outside the U.S. continue to be strong, with global orders up in China, India, and Europe.Find more information on GE’s second-quarter earnings here.

This article originally appeared on the US edition of GE Reports

Continued below
Load Comments