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Global 500

Courtesy of General Electric

26

General Electric

GE

U.S.

Under long-serving CEO Jeff Immelt, GE is undergoing a major transformation to refocus on its bedrock industrial businesses. In the process, Immelt is dismantling the legacy of his legendary predecessor, Jack Welch. In early 2015, Immelt and his team made the landmark decision to sell most of GE Capital, the lending business built by Welch that once generated half of the conglomerate’s profits but sank under the heavy regulatory regime adopted following the financial crisis. In just eighteen months, Immelt has sold, or reached agreements to shed, $171 billion of the financial arm’s $200 billion in assets. In mid-January 2016, GE agreed to unload another barely profitable bulwark, its consumer appliance franchise, to Haier of China for $5.4 billion. Immelt is betting heavily on lighting homes and powering plants across the globe; in November, GE acquired the power generation arm of France’s Alstom for $10 billion, greatly strengthening its reach in gas-fired, “combined cycle” plants that are driving the industry’s growth. So far, the results are mixed. In the first quarter, three GE staples — jet engines, medical equipment, and power generation — all showed good revenue growth, while two others, oil and gas, and transportation equipment, including locomotives, dropped sharply. All told GE’s industrial profits fell 7% from the first quarter of 2015. Indeed, the strategic thrust is daring, and so far shareholders are applauding: Since the start of 2015, GE’s stock has delivered a 25% return, easily waxing the S&P 500 by 23 points.

CEO

Jeffrey R. Immelt

Sector

Industrials

Industry

Industrial Machinery

HQ Location

Fairfield, CT

Employees

333,000

Years on Global 500 List

22

Includes revenues from discontinued operations.
Key Financials (last fiscal year)
($ Millions)% change
Revenues ($M)$140,389-5.3%
Profits ($M)$-6,126-140.2%
Assets ($M)$492,692
Total Stockholder Equity ($M)$98,274
Profit Ratios
Profit as % of Revenues-4.4%
Profits as % of Assets-1.2%
Profits as % of Stockholder Equity-6.2%
STOCK QUOTE
()0.00 0.00 (0)
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  • Market Cap: NaNB
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  • 52 Week Change %: 0.00
  • P/E Ratio: n/a
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  • Dividend Yield: n/a

News about General Electric

GE's Stock Drops as CEO Warns of Higher Cash Burn at Its Troubled Power Unit

“This is a multiyear turnaround in power. I don’t want to sugarcoat that in any way, shape or form.”

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GE's Turnaround Plan Gets a Boost With $21.4 Billion Sale of Biopharma Unit to Danaher

GE halted plans to spin off its broader health care business as it focuses on completing the deal.

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GE’s Decision to Scrap Boston HQ Shows Corporate Tax Incentives Don't Work

General Electric is going to pay back $87 million to Massachusetts after downgrading plans for its Boston headquarters.

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Videos about General Electric

GE’s Power-Generation Business Is a Drag on Profits

The company expects single-digit revenue growth in 2019.

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General Electric Removes CEO John Flannery

He’ll be replaced by Lawrence Culp.

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Here’s What Happened In Business In 2017

Fortune’s roundup of the best and the biggest things of the outgoing year.

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Why Fortune 500 Companies Are Creating Indiegogo Campaigns

Google, Philips GE, and more have utilized the crowdfunding site.

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