Shares of General Electric fell 6% in after hours trading after the giant missed third quarter earnings expectations due to hefty restructuring costs.
In the third quarter, GE reported earnings of 12 cents per share and revenue of $1.8 billion, compared to 22 cents a share on $2 billion in revenue a year earlier. It was a significant miss, as analysts surveyed by Thomson Reuters had expected earnings of 49 cents per share.
“This was a very challenging quarter,” said CEO John Flannery, after his first official quarter at the helm. “We are focused on redefining our culture, running our businesses better, and reducing our complexity. I look forward to meeting with investors in November to update them on our progress.”
Excluding impairments and restructuring costs, GE posted adjusted earnings per share of 29 cents, down 32 cents from a year earlier.