Power and renewables divisions positive news for GE

General Electric has had to lower its profit forecast for this year, however the performance of its power and renewables business helped the company to a 6.7 percent rise in quarterly profit.

Friday’s news shows the ongoing issues being faced by companies contending with slow economic growth, particularly in the oil and gas business.
Generak Electric logo
The US corporation adjusted profit jumped 10 per cent to 32 cents a share, beating the 30 cents that analysts estimated, on average, according to Thomson Reuters.

The company said revenue fell 25 per cent at its oil and gas business, 22 per cent at its transportation segment and also 22 per cent at its energy connections and lighting unit. Its renewable energy business had the biggest growth, with revenue rising 66 per cent as it sold more wind turbines.

Analysts had been targeting second-half growth of about 15 per cent in GE's power business, GE's largest division. In the third quarter, power revenue grew only about 7 per cent.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...