General Electric slides despite its earnings beat
Shares of General Electric are down 1.9% at $29.69 as of 12:11 p.m. ET.
The industrial giant reported earnings of $0.21 per share, beating the Wall Street estimates by 4 cents.
Revenue fell 1% to 27.66 billion, which was ahead of the $26.26 billion Reuters consensus. Suppressed oil prices have hurt GE's Oil and Gas division with revenue there falling 9.4%.Meanwhile, General Electric's cash flow from industrial operations was a negative $1.6 billion for the quarter, worse than the negative $600 million it was expecting.
Elsewhere, power equipment and jet engines were bright spots. Sales at GE Power rose 17% and sales of GE jet engines jumped 8.7%.
GE announced that they are on track to combine their oil business with that of Baker Hughes Inc., as announced last year.
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