Its renewable energy business provided a boon for General Electric Co (NYSE:GE) but it wasn't enough to stop a 12% fall in overall revenues for the group in its second quarter.
This sector unit was the strongest for the group in the three months to end June, with it yielding US$2.5bn in revenue, up 17% compared to the same period last year.
For the six months, renewable energy revenue was US$4.5bn - up 20% from last year
General Electric's earnings on Friday morning will be even more interesting than the norm https://t.co/IosfYeKLgZ
— TheStreet (@TheStreet) 21 July 2017
Overall, General Electric, which has business interests spanning aviation to oil and gas and to pharmaceuticals, posted US$29.6bn in revenue for the second quarter, down 12%.
Shares in the firm dropped 4% in pre-market deals and are at their lowest for 18 months. Later shares dropped 2.89% to $25.939.
Oil and gas, understandably in the current climate, was a weak spot, with revenue coming in at US$3.1bn - a 3% decline from the same time last year.
The US$6.1bn for the division for the first six months of the year was down 6% from the same period in 2016.
The group did improve cost cutting in the quarter and chief executive Jeff Immelt, who has announced he is stepping down, said he expected it to generate more cash flow through the remainder of the year, but that there were underlying market pressures.