Shares of General Electric Co. rose 0.6% in premarket trade Friday, after the industrial conglomerate reported second-quarter profit and revenue that beat expectations. Net profit fell to $1.19 billion, or 13 cents a share, from $2.76 billion, or 30 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 28 cents, beating the FactSet consensus of 25 cents. Revenue fell 12% to $29.56 billion, but was above the FactSet consensus of $29.14 billion. Oil and gas revenue fell 3% to $3.11 billion but was above the FactSet consensus of $2.93 billion and power revenue increased 5% to $6.97 billion to beat expectations of $6.64 billion, but flat aviation revenue of $6.53 billion missed expectations of $6.70 billion. "The global scale of the Company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets," said Chief Executive Jeff Immelt, in his last quarter in charge of GE. He is set to be replaced as CEO by John Flannery on Aug. 1. The stock has tumbled 15.5% year to date through Thursday, while the SPDR Industrial Select Sector ETF has climbed 10.8% and the Dow Jones Industrial Average has gained 9.4%.
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