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Revenue fell 1 percent in its industrials
segments, but on an organic basis, stripping out a $950 million
hit from currency fluctuations and the impact from deals, sales
rose 3 percent.
Overall, GE posted a first-quarter net loss of $13.6 billion, or
$1.35 per share. Results were weighed down by about $16 billion
in charges tied to its exit of GE Capital assets. The company
disclosed last week it was shedding much of its finance
business.
Excluding special items, GE posted earnings of 31 cents per
share, topping by 1 cent the average analyst estimate, according
to Thomson Reuters I/B/E/S.
Sales in GE's oil and gas business, which has been in focus due
to the slide in oil prices, dropped 8 percent. But on an organic
basis, GE said its oil revenue was flat while operating profit
rose 11 percent.
Total sales fell 12.5 percent to $29.34 billion, as GE Capital
revenue slid 39 percent.
GE had warned that sales and profits in its oil and gas segment
could drop by 5 percent this year. But analysts have said the
declines could be much steeper.
GE's shares soared the most in six years last Friday on the
company's surprise announcement about GE Capital, pleasing
investors who said the finance business weighed on GE's value as
an industrial company. The stock is up 8 percent this year
through Thursday.
(Reporting by Lewis Krauskopf Editing by W Simon and Jeffrey
Benkoe)
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