General Electric‘s weak points stole the headlines from its second quarter earnings report.
The company reported a 12% drop in revenue, as its strong renewables and power units couldn’t make up for losses in its energy connections business. The energy connections business provides automation products to oil, gas and other energy companies.
GE shares fell 0.82% to $US26.47 in premarket trading on Friday.
Revenue was reported at $US29.56 billion, which was slightly better than the $US29.02 billion Wall Street was expecting.
The company also reported earnings of $US0.15 a share, down 58% from the same time last year, and below the $US0.25 that analysts were anticipating. Adjusted earnings beat, coming in at $US0.28 compared to the Wall Street estimate of $US0.25.
GE CEO Jeff Immelt is set to retire at the end of the year and will be replaced by John Flannery, who comes from the company’s healthcare division.
GE shares are down 16.64% this year.