Lighting revenue accounted for only 1.43%, GE announced second quarter results

Recently, GE, the US manufacturing giant, disclosed its performance in the second quarter and first half of fiscal 2018. According to the US general accounting standards (GAAP), GE achieved a revenue of 58 billion 764 million US dollars in the first half of this year, an increase of 5% over the same period last year, including 30 billion 104 million US dollars in the second quarter, an increase of 3% over the same period last year.

From the perspective of revenue structure, 2Q18, including electric power, renewable energy, oil and natural gas, aviation, healthcare, transportation and lighting, contributed $7 billion 579 million, $1 billion 653 million, $5 billion 554 million, $7 billion 519 million, $4 billion 978 million, $942 million, $431 million, respectively, and achieved 14 billion 801 million revenue in the first half of 2018. US dollars, US $3 billion 299 million, US $10 billion 939 million, US $14 billion 631 million, US $9 billion 680 million, US $1 billion 814 million, US $887 million.

Compared with the same period last year, the performance in the second quarter and the first half of the oil, natural gas, aviation and healthcare sectors increased, and the rest of the businesses declined to varying degrees. General electric CEO John Flannery (John Flannery) said, "the second quarter results are in line with expectations, and a number of segments will continue to grow, especially in aviation and healthcare. In the first half of 2018, the cost of the company's industrial structure was reduced by US $1 billion 100 million, which has already completed more than half of the target cost reduction target of US $2 billion in 2018. In addition, the adjusted free cash flow of the industry has improved over the same period last year, and the cash flow is expected to exceed US $15 billion at the end of 2018. "

Flannery added: "we are working on a plan to build a stronger and simpler Ge Corp. For example, shutting down industrial solutions and value based care businesses; separating the general electric medical group from an independent company within 12-18 months; separating BHGE (GE's oil services company Baker Hughes) in 2 to 3 years; merging the GE transport department with Wabtec; and distributing the power supply at 3 billion 250 million dollars. Sold to private Holdings Company Advent International and so on.

In addition to the above reorganization actions, GE will also exit the lighting business. General Electric chief financial officer (CFO) Jamie Miller announced in July 20th 2018 2018 earnings conference call that "scheduled to sell lighting business within the year". The company's lighting business has already withdrawn from the European, Middle East and African markets, and will soon sign a contract for the sale of American lighting business.

In fact, lighting business is now the smallest business of GE, and its performance is on the decline. According to 2Q18 earnings report, lighting revenue fell 9% to 431 million US dollars over the same period last year, accounting for only 1.43% of GE's second quarter revenue.

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