General Electric reported higher-than-expected first quarter profit, but there are concerns about revenue, which fell. Bobbi Rebell reports.
Profit at General Electric increased, and were better-than-expected in the first quarter. But there are concerns about the industrial conglomerate as it moves through a transition in it's business focus. Organic revenue fell by one percent, though the company confirmed its forecast of 2-4 pct growth in annual organic revenue. GE stock, which had risen 15 percent in the past 12 months was lower after the news was released. GE has been selling off assets as it works to pare back on it's financial business. General Electric said the oil and gas environment is challenging because of sluggish demand. Power generation equipment shipments were low in the first quarter. But the company said a pickup in the second half of the year would help it hit the revenue target .