General Electric (NYSE: GE) said second-quarter earnings per share fell 30% from last year because of weakness in its power division.
GE also reaffirmed its financial outlook for the year, saying it continues to expect full-year earnings of $1 per share to $1.07 per share.
Earnings in the latest period were fueled by GE's aviation and healthcare businesses, while the company said its power market continues to be challenging, with orders down 26% from the same period last year.
CEO John Flannery said in a statement that GE's review of its businesses is "now complete."
In the second quarter, the company posted a net gain of seven cents per share, down from a 10-cent profit a year ago. On a continuing basis, GE net income was eight cents per share in the latest period, down from 12 cents per share year ago.
On an adjusted basis, GE earned 19 cents per share, which was higher than the 17 cents per share that analysts surveyed by Thomson Reuters were expecting.
Second-quarter total revenue rose 3% to $30.1 billion, greater than the $29.31 billion expected
The company revealed in May that it expects no profit growth this year in its already stagnant power business, depressing shares further. GE was also removed as a component in the Dow Jones Industrial Averagein June, after being a part of the index for more than 100 years.
Shares of GE have fallen over 47% in the last year, at $13.73 as of Thursday’s close. The last quarter saw the stock stabilize somewhat with it sliding just 5% over the last three months.
Shares opened Friday at that same level of $13.73
