GE said its first quarter revenue fell by 1% to USD27.7 billion. The fall in revenue shows that GE failed to meet analysts estimates for its topline revenue.
The company said industrial and organic segments saw a 7% year on year growth to USD26.0 billion.
Also, backlog order rose to USD324 billion representing 3% recorded in first quarter of 2016.
The company also said returned orders rose buy 10%. GEOrders +10% GE disclosed that it returned USD4.4 billion in cash to shareowners; $2.3 billion through buyback.
Jeff Immelt, Chairman and CEO said “GE is continuing its portfolio transformation and investing in innovations in GE Digital and GE Additive. Our planned combination of GE Oil & Gas and Baker Hughes-a) remains on track, and we expect the deal to close in mid-2017. We are executing a $2 billion cost out program over 2017 and 2018 to deliver more value to our customers, shareowners, and employees”.
General Electric, often abbreviated as GE, is an American multinational conglomerate corporation incorporated in New York and headquartered in Boston, Massachusetts.
As of 2016, the company operates through the following segments: Aviation, Current, Digital, Energy Connections, Global Research, Healthcare, Lighting, Oil and Gas, Power, Renewable Energy, Transportation, and Capital which cater to the needs of Financial services, Medical devices, Life Sciences, Pharmaceutical, Automotive, Software Development and Engineering industries.