Connect to share and comment

GE industrial profits rise 12 percent, shares up

(Reuters) - General Electric Co posted a 12 percent rise in overall industrial profits on Thursday, as strength in its businesses selling gas turbines, jet engines and oil industry equipment offset weakness in healthcare and transportation. GE, which is increasingly focusing on its traditional manufacturing businesses over its finance unit, posted an 8 percent increase in industrial revenue, even as overall company revenue fell slightly short of Wall Street's target.

Instant View: GE industrial earnings rise, shares tick higher

NEW YORK (Reuters) - General Electric Co posted a 12 percent rise in overall industrial profits on Thursday, as strength in its businesses selling gas turbines, jet engines and oil industry equipment offset weakness in healthcare and transportation. GE, which is increasingly focusing on its traditional manufacturing businesses over its finance unit, posted an 8 percent increase in industrial revenue, even as overall company revenue fell slightly short of Wall Street's target.

GE earnings dip 15% but industrial profits rise

General Electric Thursday reported lower earnings but higher industrial profits, thanks to gains in its two largest industrial segments. GE's net income dipped 15 percent from the year-ago level to $3.0 billion. Last year's results included a gain from the sale of a GE stake in NBCUniversal. But GE's industrial sales rose from last year and the company grew profits in its two largest segments, aviation (up 19.1 percent) and power and water (up 23.5 percent).

Mexican mobile phone operator sues IBM for $2.5 billion

By Nate Raymond NEW YORK (Reuters) - Mexican mobile phone operator Iusacell SA de CV sued IBM Corp on Wednesday, accusing the U.S. technology giant of making fraudulent representations that caused it to lose $2.5 billion in profits. The lawsuit, filed in federal district court in New York, centered on a contract that Iusacell said IBM induced it to enter into in Mexico.

IBM says Mexico's Iusacell sued to avoid complying with contract

(Reuters) - IBM Corp on Wednesday blasted a lawsuit filed by Mexican mobile phone operator Iusacell against the U.S. technology company as a "transparent attempt" to avoid complying with contractual obligations. IBM said in a statement that Iusacell has failed to pay IBM Mexico what it is owed under the contract. The software company's Mexican unit had previously filed an arbitration claim against Iusacell seeking to enforce the contract, the statement said.

IBM says Mexico's Iusacell sued to avoid complying with contract

(Reuters) - IBM Corp on Wednesday blasted a lawsuit filed by Mexican mobile phone operator Iusacell against the U.S. technology company as a "transparent attempt" to avoid complying with contractual obligations. IBM said in a statement that Iusacell has failed to pay IBM Mexico what it is owed under the contract. The software company's Mexican unit had previously filed an arbitration claim against Iusacell seeking to enforce the contract, the statement said.

Exclusive: Surgical device maker ConMed Corp explores sale of company - sources

By Soyoung Kim and Olivia Oran (Reuters) - ConMed Corp, a surgical device maker that has been fighting off activist investors, is exploring a sale and has contacted large medical device companies to gauge their buyout interest, people familiar with the matter said on Tuesday. Utica, New York-based ConMed, which has a market capitalization of just over $1.2 billion, has been under pressure since late last year from activist investors who took issue with the company's performance and corporate governance.

GE Capital seen ripe for more slimming after credit card IPO

By Lewis Krauskopf (Reuters) - As General Electric Co <GE.N> starts spinning off its consumer credit card business, some on Wall Street are hoping that the U.S. industrial conglomerate will eventually slim down its GE Capital finance unit even further. Commercial real estate, which GE Capital expects to make up 10 percent to 15 percent of its portfolio in the future, stands as another major potential area for GE to abandon, analysts and investors said.

Moody's downgrades Turkey outlook to 'negative'

Moody's rating agency on Thursday downgraded its outlook on Turkey to "negative", putting the country's investment-grade rating at risk, saying political uncertainty was affecting investor confidence and casting doubt over further reforms. The agency re-affirmed the country's current bond rating of Baa3, just one step above a so-called 'junk' level, which is out of bounds for many pension and savings funds seeking safer investments.

Aging baby boomers, generic launches to drive Rite Aid sales

By Shailaja Sharma (Reuters) - Rite Aid Corp <RAD.N>, the third-largest U.S. drugstore operator, forecast fiscal 2015 sales above analysts' estimates as it benefits from the launch of new generic drugs and enrolls more customers in its loyalty programs. Rite Aid's shares jumped as much as 15.5 percent to their highest in 13 years after the company also reported a higher-than-expected quarterly profit, helped by a 3.5 percent rise in pharmacy sales.
Syndicate content