GE Faces ‘Incredibly Volatile’ Oil Market Amid Industrial Shift
GE Tops 1Q Estimates on $29.4B Revenue
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General Electric Co.’s sales of oilfield equipment fell in the first quarter as the slump in global crude markets weighed on the company’s accelerating return to its industrial roots.
GE Oil & Gas had the largest revenue decline among the manufacturing units, and companywide sales missed analysts’ estimates. Chief Financial Officer Jeff Bornstein acknowledged the unpredictability of crude prices while maintaining his forecast for a possible drop in sales at the business.