General Electric Company (GE) has reported a 41.80 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $3,667 million, or $0.39 a share in the quarter, compared with $6,301 million, or $0.64 a share for the same period last year.
Revenue during the quarter went down marginally by 2.37 percent to $33,088 million from $33,892 million in the previous year period. Gross margin for the quarter expanded 278 basis points over the previous year period to 22.47 percent. Total expenses were 91.26 percent of quarterly revenues, down from 94.39 percent for the same period last year. This has led to an improvement of 313 basis points in operating margin to 8.74 percent.
Operating income for the quarter was $2,892 million, compared with $1,903 million in the previous year period.
However, the adjusted operating income for the quarter stood at $3,819 million compared to $3,014 million in the prior year period. At the same time, adjusted operating margin improved 265 basis points in the quarter to 11.54 percent from 8.89 percent in the last year period.
Debt comes down significantly
General Electric Company has recorded a decline in total debt over the last one year. It stood at $136.20 million as on Dec. 31, 2016, down 31.07 percent or $61.40 million from $197.60 million on Dec. 31, 2015. Total debt was 37.29 percent of total assets as on Dec. 31, 2016, compared with 0.04 percent on Dec. 31, 2015.
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