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22 July 2017, 12:39 | Ruby West
Intraday Movers: General Electric Company (NYSE:GE), CSX Corporation (NASDAQ:CSX)
Immelt will be replaced by John Flannery, who headed GE's health-care business.
The shares tumbled 3.1 percent to $25.87 at 10:59 a.m.in NY after dropping as much as 5.4 percent for the biggest intraday decline since August 2015.
GE reported $29.6 billion in revenue for the second quarter, down 12 percent from the same period previous year.
The outlook marks a disappointing end to Immelt's tumultuous 16-year tenure as chief executive officer, during which GE trailed the broader stock market. The Boston-based provider of gas turbines and artificial lift systems is seeing "pressure in power and oil and gas".
Chairman and CEO Jeff Immelt said cash flow is expected to increase for the remainder of the year.
The challenges of navigating those markets will fall to John Flannery, a GE veteran whose most recent job was to run the health-care unit, after he takes over from Immelt on August 1.
Mr. Bornstein defended the timeline, saying it is a "big, big body of work", and that Mr. Flannery is "getting deep on developing his own views about what we're going to invest against, what we're not going to invest against". We've reduced our Industrial structural costs year to date by $670 million and we are on track to meet or exceed our $1 billion cost reduction target for the year. "We expect cash flow to continue to improve throughout the year". Industrial cash flow was $1.5 billion, much better than in the prior quarter.
Revenue was also lower than in the year-ago period, falling 12% from $33.49bn to $29.558bn. The company reported a profit of $1.19 billion, or 15 cents a share, down from $2.76 billion, or 36 cents a share, a year earlier.
With oil prices having fallen from $53 to $48 per barrel over the second quarter, GE warned of weaker full-year trading from its unit that serves the oil & gas industry.
Shares of General Electronics fell from 3% in premarket trading after the organization results beat estimation but posted a almost 60% decline in gains.
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