General Electric released the earnings results from its first quarter before opening bell this morning, posting adjusted earnings of 31 cents, a 6% year over year decline, on revenue of $29.4 billion, a 12% decline. Analysts had been expecting GE to post earnings of 30 cents per share on revenue of $34.23 billion for the quarter.
On a GAAP basis, GE reported a loss of $13.6 billion or $1.35 per share.
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GE’s industrial segment performs well
General Electric Company (NYSE:GE) saw profits in its Industrial segment increase 9%, with five out of the seven segments posting increased earnings. Overall, the Industrial segment contributed 16 cents per share in operating earnings. The segment’s revenue fell 1% to $24.4 billion. Oil and Gas revenue was flat with last year. The gross margin in the Industrial segment was 26.2%, an increase of 90 basis points. The operating margin increased 120 basis points to 14.6%.
The business reported $850 million in equipment order from ENI and