GE Misses Sales Estimates as Oil Weighs on Immelt’s Overhaul
- Chief executive cites ‘slow-growth and volatile environment’
- Company reaffirms sales, earnings forecasts for this year
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General Electric Co.’s woes in the oil patch persisted in the fourth quarter, denting sales and dragging down shares to their biggest decline in four months.
Weakness in the oil and gas unit, which makes drilling equipment and pipes, will probably linger into this year after an “extremely difficult” 2016, Chief Financial Officer Jeff Bornstein said on a conference call. Improvement is unlikely until the second half of 2017, he said after GE announced fourth-quarter revenue that fell short of analysts’ estimates.