(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) reported a 13-percent jump in quarterly net income Friday on improved sales of its jet engines and oil and gas equipment, and said it was targeting the initial public offering of its private-label credit-card business for the end of the month.
The U.S. conglomerate has been planning a partial IPO of the North American retail finance business, to be called Synchrony Financial, as part of a plan to exit the business and slim down its overall GE Capital unit.
June 6 (Reuters) – Hertz Global Holdings Inc said it
would restate or correct financial results for the past three
years to fix accounting errors originating in 2011, sending the
car rental company’s shares down as much as 11.5 percent on
First-quarter results are likely to be below market
estimates due to costs related to the accounting review, the No.
2 U.S. car rental firm said in a regulatory filing that signaled
further possible financial adjustments ahead.
(Reuters) – The failure of a Pratt & Whitney jet engine during testing on a new Bombardier Inc plane last week is unlikely to have a significant impact on Bombardier’s testing schedule, an executive at Pratt parent United Technologies Corp said on Thursday.
“We’re working now with Bombardier on a plan to resume testing here in the next few weeks,” United Tech Chief Financial Officer Greg Hayes told an investor conference.
June 1 (Reuters) – Pratt & Whitney is working to preserve
profit margins as it gears up production of a highly efficient
new jet engine for planes such as the Airbus A320neo,
coming out next year, the company’s president said.
Pratt hopes the new engine, known as the Geared Turbofan or
GTF, will help cement its comeback in the cut-throat market for
powering jetliners. But engine sales tend to generate slim
profit margins at the front end, which could squeeze profits at
Pratt and its parent United Technologies Corp.
TORONTO, May 30 (Reuters) – Bombardier Inc’s new
CSeries jetliner suffered an “engine-related incident” during
stationary maintenance testing on Thursday, prompting a halt to
flight tests and dealing another blow to the plane maker’s
effort to compete with Boeing and Airbus in the narrow-body
Bombardier said on Friday it was investigating the incident
with Canadian authorities and engine maker Pratt & Whitney, a
unit of United Technologies Corp.
May 21 (Reuters) – General Electric Co Chief
Executive Jeff Immelt said on Wednesday that GE is still going
to “work constructively” with the French government on its bid
for the power business of Alstom and that he expects
the deal to close.
GE has encountered resistance to its $16.9 billion proposal
from the government, which has sought to encourage Germany’s
Siemens as a potential rival bidder. But Immelt told
an investor conference on Wednesday that, “We wouldn’t have
started if we didn’t think we could finish.”
NEW YORK/LOS ANGELES (Reuters) – Rebecca Sumrow is one of the customers food and restaurant company executives have in mind when they consider raising prices to offset higher costs as meat and milk soar to record highs.
The 30-year-old from San Clemente, California, was out of work for a short time last year and saved money by moving in with her boyfriend and cutting back on clothes shopping and dining out. Though she now has a good job working for an investment firm, she’s maintaining her frugal ways.
NEW YORK (Reuters) – General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) $16.9 billion bid for Alstom SA’s (ALSO.PA: Quote, Profile, Research, Stock Buzz) power business will do little to slow down GE’s oil and gas division, according to the head of the unit, even though such a transaction could preclude any more big deals by the U.S. conglomerate until after next year.
“We’re looking to continue the pace of growth and continue to grow in line with the market, if not ahead of the market, and increase our presence within GE,” Lorenzo Simonelli, president of GE Oil & Gas, said in an interview.
NEW YORK (Reuters) – The head of General Electric said on Wednesday talks with the French government on its offer for Alstom’s energy assets had been “productive” and expressed confidence that the deal would go through despite a potential rival offer from Germany’s Siemens.
“We think we’ve got a good deal and it’s going to be executed,” Chief Executive Jeff Immelt told reporters.
NEW YORK (Reuters) – Turmoil in Ukraine and a series of Western sanctions on Russia are starting to hurt some U.S. corporations doing business in the region, with the latest round of U.S. penalties threatening to complicate matters further.
The companies have expressed concern about the weak Russian economy, the ruble’s decline and the potential for the crisis to worsen. There are also worries about a possible backlash in Russia against Western products.