GE posts mixed results for first quarter

General Electric reported on April 22 a higher-than-expected quarterly profit, but profit in its industrials business declined.

The company lost $98 million, or $0.01 per share, for the period ending March 31, following a decline of $13.6 billion, or $1.35 per share, a year earlier. It attributed the loss largely to non-cash charges from the sale of its GE Capital division.

Revenue for the quarter was up 6 percent to nearly $28 billion.

GE, which is in the midst of relocating from Fairfield to Boston, also said that organic revenue, excluding foreign exchange and discontinued operations, fell 1 percent in the first quarter, but is forecasting growth of 2-4 percent for 2016.

According to CEO Jeffrey Immelt, “We are ahead of the GE Capital exit plan with $166 billion in deals signed. We are already seeing valuable synergies from the Alstom acquisition. Our investments in GE Digital have positioned us as the leader in the Industrial Internet.”

GE acquired grid businesses from French turbine-maker Alstom last fall for $10.3 billion. Its most recent Alstom development, announced April 21, will see it remodel a coal-fired steam-turbine facility in Bridgeport Harbor with a 485-megawatt combined cycle plant.

For the quarter, GE’s oil and gas business posted an 18% revenue loss of $3.3 billion, with profit down 37 percent to $308 million. Its industrial operating gross profit margin was steady at 26.2 percent.