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Apr 21, 2017

GE revenue falls 1%, hurt by lower sales

General Electric

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General Electric Co reported on Friday that first-quarter cash flow from its industrial operations turned negative and was less than the company expected, though its earnings and revenue exceeded analyst estimates.

GE reported a negative US$1.6 billion in cash flow from industrial operating activities compared with a negative US$600 million it expected for the quarter due to higher working capital and the timing of bills to customers.

Still, GE said it expects to hit its cash target of US$12 billion to US$14 billion for the full year. Investors have been watching cash flow as an indicator of GE's operating performance.

Revenue fell 1 per cent to US$27.66 billion at the maker of jet engines, power plants and other industrial equipment, due to lower sales in its oil-and-gas and lighting businesses. The figure beat analysts' estimates of US$26.26 billion, according to Thomson Reuters I/B/E/S.

Earnings from continuing operations attributable to GE shareholders rose to $858 million in the quarter ended March 31, from $248 million a year earlier.

Earnings per share from continuing operations rose to 10 cents from 3 cents. Adjusted earnings of 21 cents a share were unchanged from a year ago and beat analyst estimates of 17 cents, according to Thomson Reuters I/B/E/S.

GE shares were little changed in premarket trading at US$30.28.