General Electric Reports Decline In Second Quarter
Aug 04
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The General Electric Company has reported a decline in their Second Quarter earnings and continues to struggle in the present economy according to experts.
They reported earnings of 26 cents per share, which is down from the same quarter last year from 54 cent per share. They also had a net income fall of 47 percent to $2.9 billion, which is down from $5.4 billion in the second quarter of 2008. According to Richard Tortoriello an analyst for Standard & Poors this is a significant decline for General Electric with their diversified product lines that include gas turbines, power plants and aircraft engines. Tortoriello also stated that while it was a significant decline it was not unexpected in the climate of this economy. It almost seems like they could use some debt help, credit counseling or perhaps some kind of debt consolidation.
The chief executive of General Electric Jeffrey R. Immelt stated that his team was focused on cutting costs while improving operations and believed with their plan General Electric will profit during the next quarter.