(Reuters) – General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) quarterly industrial earnings rose 9 percent, helped by cost cuts that expanded profit margins, as the U.S. conglomerate banks on manufacturing of jet engines, turbines and other big-ticket products as it unloads most of its finance business.
Revenue fell 1 percent in its industrial segments, hurt by a $950 million hit from the stronger dollar, GE said on Friday. Stripping out the currency drag and the impact from deals, sales rose 3 percent.
April 17 (Reuters) – General Electric Co’s quarterly
industrial earnings rose 9 percent, helped by cost cuts that
expanded profit margins, as the U.S. conglomerate banks on
manufacturing of jet engines, turbines and other big-ticket
products as it unloads most of its finance business.
Revenue fell 1 percent in its industrial segments, hurt by a
$950 million hit from the stronger dollar, GE said on Friday.
Stripping out the currency drag and the impact from deals, sales
rose 3 percent.
April 15 (Reuters) – As General Electric Co stock
soared last Friday to its biggest one-day gain in six years,
investor Patrick Kaser’s fund made a choice: Sell it all.
Kaser, who manages Brandywine Global’s $7 billion large-cap
value equity portfolio, said his fund unloaded its entire 6
million-share position after the U.S. conglomerate announced it
would shed most of its GE Capital finance unit and focus on
manufacturing turbines, locomotives, jet engines and other
industrial goods. Other Brandywine funds still
hold GE shares.
(Reuters) – General Electric Co Chief Executive Jeff Immelt has had a bumpy ride for the past seven years, navigating economic turbulence, swapping in and out of businesses and struggling to energize his sluggish stock.
Against that backdrop, Friday was a very good day.
Immelt unveiled a surprise move to sell off most of GE’s finance operations over the next few years, thereby reducing a unit that comprised more than half of the U.S. conglomerate’s profits before the 2008 credit crisis down to 10 percent by 2018.
April 10 (Reuters) – General Electric Co said it
would shed the bulk of its finance unit and return as much as
$90 billion to shareholders as it becomes a “simpler” industrial
business instead of an unwieldy hybrid of banking and
GE shares jumped 7.5 percent on Friday after the company
outlined plans for substantially shrinking its GE Capital unit.
The plan includes a buyback of up to $50 billion in GE shares,
the sale of about $30 billion in real estate assets over the
next two years and the disposal of more GE Capital operations.
, April 2 (Reuters) – Pratt & Whitney’s
president said on Thursday the company’s new geared turbofan
commercial engine could be produced in a bigger version for
large widebody plane “with the right business case.”
“I would say the geared technology is very applicable to a
widebody product,” Pratt president Paul Adams told a media
briefing on Thursday, referring to its jet engine which is
designed to be 16 percent more fuel efficient than prior ones.
, April 1 (Reuters) – Jet engine maker
Pratt & Whitney is doubling down on gathering and analyzing data
to predict and prevent problems from occurring as the company is
primed to become more broadly responsible for managing its
Executives with the United Technologies Corp unit
said on Wednesday that a convergence of Pratt’s business
environment with technology advances is paving the way for the
expansion into so-called Big Data.
March 16 (Reuters) – General Electric Co Chief
Executive Officer Jeff Immelt is sticking by his company’s model
for housing diverse businesses under one roof at a time when
other U.S. conglomerates are looking at hiving off units to
In a wide-ranging annual letter to shareholders released on
Monday, Immelt details advantages from such scale through shared
technology and other areas through what he calls the “GE Store.”
NEW YORK (Reuters) – United Technologies Corp’s (UTX.N: Quote, Profile, Research, Stock Buzz) chief executive officer said on Thursday that a sale of its Sikorsky helicopter unit would be “very hard” due to the heavy tax liability that would come with such a disposition.
United Technologies said on Wednesday it is exploring alternatives for Sikorsky, including a potential spinoff. Any buyer is expected to face significant taxes, because the value of Sikorsky has appreciated so much since it became part of United Tech in 1929.
NEW YORK (Reuters) – United Technologies Corp’s (UTX.N: Quote, Profile, Research, Stock Buzz) chief executive officer said on Thursday that the company will spend $1 billion on acquisitions this year, “maybe a little bit more,” even as he eyes bigger targets.
United Technologies CEO Greg Hayes, speaking at investor day in New York where he detailed a potential split off of its Sikorsky helicopter unit, said that the acquisition climate was difficult due to high pricing.