General Electric Co (GE.N) said on Friday its quarterly industrial profit rose 9 percent helped by improved profit margins, as the U.S. conglomerate shifts more to manufacturing of jet engines, turbines and other big-ticket products and splits from finance.
Revenue fell 1 percent in its industrials segments, but on an organic basis, stripping out a $950 million hit from currency fluctuations and the impact from deals, sales rose 3 percent.
Overall, GE posted a first-quarter net loss of $13.6 billion, or $1.35 per share. Results were weighed down by about $16 billion in charges tied to its exit of GE Capital assets. The company disclosed last week it was shedding much of its finance business.
Excluding special items, GE posted earnings of 31 cents per share, topping by 1 cent the average analyst estimate, according to Thomson Reuters I/B/E/S.
Sales in GE's oil and gas business, which has been in focus due to the slide in oil prices, dropped 8 percent. But on an organic basis, GE said its oil revenue was flat while operating profit rose 11 percent.
Total sales fell 12.5 percent to $29.34 billion, as GE Capital revenue slid 39 percent.
GE had warned that sales and profits in its oil and gas segment could drop by 5 percent this year. But analysts have said the declines could be much steeper.
GE's shares soared the most in six years last Friday on the company's surprise announcement about GE Capital, pleasing investors who said the finance business weighed on GE's value as an industrial company. The stock is up 8 percent this year through Thursday.
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