The Rising Influence of Rising Affluence

[DewDiligence]

GE’s 1Q17—more of the same:

https://www.wsj.com/articles/general-electric-still-weighed-by-energy-boosts-profit-amid-cost-cutting-plan-1492773935

A problem for GE during the first quarter continued to be its oil-and-gas business as revenue fell 9% and segment profit fell 33%. Mr. Immelt said he is “encouraged” by a 9% order increase in the segment.

…The division, which makes equipment for petroleum exploration and production, has weighed on GE during the more-than-two-year slump in crude prices as customer cut spending. Plans to combine the business with Baker Hughes into a new majority-owned public company remain on track for mid-year.