(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) reported a slightly higher-than-expected quarterly profit on Friday, as cost cuts that helped boost margins across its industrial businesses offset revenue that fell below analysts’ targets.
Shares of GE rose 4 percent to $25.21 in premarket trading.
The U.S. conglomerate posted a 4 percent rise in organic revenue, which excludes acquisitions, for its industrial manufacturing businesses, on which Chief Executive Officer Jeff Immelt is increasingly focusing the company.
(Reuters) – Investors who have endured a four-month selloff in shares of large U.S. manufacturers will be looking for solid revenue growth and order trends in third-quarter earnings reports starting on Friday to help allay fears that a soft global economy will derail the outlook for diverse industrial names.
Concerns over weak economic growth in Europe and stagnation in emerging markets have dented shares of these large industrial companies, which depend on sales outside of the United States, according to portfolio managers and analysts who follow the stocks.
NEW YORK(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) said on Thursday it was on track to generate more than $1 billion in revenue this year from its industrial data-analysis business, and plans to make its software platform broadly available next year.
GE is making a big bet on what it calls the “Industrial Internet,” in which the company harnesses data from large industrial machines, such as power-generating turbines and jet engines, to yield productivity, efficiency and other improvements for customers.
Oct 6 (Reuters) – General Electric Co on Monday named
its top deal-making executive as head of its healthcare
business, saying that the unit’s prior chief is leaving the
The shakeup atop one of the company’s largest businesses is
the latest high-level management change at GE, as Chief
Executive Officer Jeff Immelt seeks increasingly to reshape the
U.S. conglomerate around industrial manufacturing and simplify
the sprawling company’s operations.
Oct 2 (Reuters) – United Technologies Corp’s Pratt &
Whitney unit on Thursday named a new head of its commercial
engines division in the midst of a crucial launch of a
commercial jet engine.
Pratt appointed Gregory Gernhardt as president of Pratt &
Whitney Commercial Engines, effective immediately. He replaces
David Brantner, who was named to the commercial engine
leadership post in June 2013.
Oct 1 (Reuters) – General Electric Co has agreed to
conduct a study of shoreline contamination of New York’s Hudson
River, the company’s latest step in an extensive clean-up effort
of toxic chemicals it dumped into the waterway decades ago.
The study will cost GE an estimated $20.5 million, according
to the U.S. Environmental Protection Agency, which announced the
agreement on Wednesday. It will evaluate floodplains in a
40-mile stretch of the upper Hudson River, and will develop
New York (Reuters) – ADT Corp (ADT.N: Quote, Profile, Research, Stock Buzz) dominates sales of home security monitoring in the United States, its shares are up 27 percent since March and the size of its business market is tripling, as a non-compete agreement with its former parent expired this week.
Yet, investors have shorted more than 20 percent of ADT’s shares, betting that despite the company’s recent performance and widely known brand name, it will be crushed by competition from telecommunications companies and the rise of home-networking with web-enabled cameras and sensors that can send alerts to smartphones.
(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) said on Monday it has won an order worth more than $500 million to provide power-generating equipment to U.S.-based Exelon Corp (EXC.N: Quote, Profile, Research, Stock Buzz), including four of GE’s highest efficiency gas turbines.
Exelon said it was planning to build two combined-cycle gas turbine units in Texas using the GE technology.
(Reuters) – U.S. manufacturer United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) is looking for large acquisitions, but does not see a wealth of opportunities with the soaring stock market driving up prices, the company’s chief financial officer said on Tuesday.
“We continue to look for opportunities to do large-scale M&A,” United Technologies Chief Financial Officer Greg Hayes told an investor conference. “At $65 billion (in annual revenue), you have got to do bigger deals to move the needle.”
(Reuters) – U.S. chief executive officers are gloomier about their plans for hiring and capital expenditures over the next six months, and are more wary about their sales prospects, according to a quarterly survey from the Business Roundtable released on Tuesday.
The CEOs’ hiring plans were particularly weaker, with 34 percent expecting U.S. employment to increase in the next six months, down from 43 percent in the Business Roundtable’s second-quarter survey. Twenty percent expect their employment to decrease in the next six months, compared with 14 percent in the prior survey.