{"id":33733,"date":"2016-01-22T15:06:51","date_gmt":"2016-01-22T15:06:51","guid":{"rendered":"http:\/\/healthmedicinet.com\/news\/ges-industrial-profit-falls-8-percent-hit-by-tumbling-oil\/"},"modified":"2016-01-22T15:06:51","modified_gmt":"2016-01-22T15:06:51","slug":"ges-industrial-profit-falls-8-percent-hit-by-tumbling-oil","status":"publish","type":"post","link":"http:\/\/healthmedicinet.com\/news\/ges-industrial-profit-falls-8-percent-hit-by-tumbling-oil\/","title":{"rendered":"GE\u00e2\u20ac\u2122s industrial profit falls 8 percent, hit by tumbling oil"},"content":{"rendered":"<p>        <!-- google_ad_section_start --><\/p>\n<p>By Alwyn Scott<\/p>\n<p>              (Reuters) \u00e2\u20ac\u201c General Electric Co on Friday reported an 8 percent drop in fourth-quarter earnings in its industrial businesses, hurt by weakness in divisions catering to the oil and gas sector.<\/p>\n<p>              Shares of the U.S. conglomerate, which also reported lower-than-expected total revenue, fell less than 1 percent to $28.40 in trading before the market opened.<\/p>\n<p>              Excluding special items, GE\u00e2\u20ac\u2122s earnings of 52 cents a share beat the analysts\u00e2\u20ac\u2122 average estimate of 49 cents, according to Thomson Reuters I\/B\/E\/S.<\/p>\n<p>              GE maintained its 2016 adjusted industrial profit outlook of $1.45 to $1.55 a share.<\/p>\n<p>              The decline in industrial earnings during the quarter showed the impact of falling energy prices on GE\u00e2\u20ac\u2122s large oil and gas business. Operating profit there fell to $5.52 billion from $5.99 billion a year earlier. <\/p>\n<p>              But revenue increases of 5 percent in aviation and 20 percent in energy management partly offset the 16 percent drop for oil and gas.<\/p>\n<p>              \u00e2\u20ac\u0153We think the orders volumes and pricing are encouraging,\u00e2\u20ac\u009d Credit Suisse analysts wrote in a note.<\/p>\n<p>              GE\u00e2\u20ac\u2122s total net income jumped 22 percent to $6.28 billion, or 64 cents per share, from $5.15 billion, or 51 cents per share.<\/p>\n<p>              It included a host of one-time items, including closing the purchase of Alstom SA\u00e2\u20ac\u2122s power business, separating GE\u00e2\u20ac\u2122s renewable energy business from the power segment, a break-up fee for the failed sale of its appliance business to Electrolux AB and other restructuring costs.<\/p>\n<p>              Revenue rose 1.4 percent to $33.89 billion, below the $35.7 billion analysts had expected.    <\/p>\n<p>               (Additional reporting by Ankit Ajmera in Bengaluru; Editing by Jeffrey Benkoe and Lisa Von Ahn)<\/p>\n<ul id=\"topics\" class=\"hidden\">\n<li>Company Earnings<\/li>\n<li>Investment  Company Information<\/li>\n<li>oil and gas<\/li>\n<\/ul>\n<p><!-- google_ad_section_end --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alwyn Scott (Reuters) \u00e2\u20ac\u201c General Electric Co on Friday reported an 8 percent drop in fourth-quarter earnings in its industrial businesses, hurt by weakness in divisions catering to the oil and gas sector. Shares of the U.S. conglomerate, which also reported lower-than-expected total revenue, fell less than 1 percent to $28.40 in trading before [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-33733","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/posts\/33733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/comments?post=33733"}],"version-history":[{"count":0,"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/posts\/33733\/revisions"}],"wp:attachment":[{"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/media?parent=33733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/categories?post=33733"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/healthmedicinet.com\/news\/wp-json\/wp\/v2\/tags?post=33733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}