General Electric CEO says reaffirms 2017 operating framework
Chairman and CEO Jeff Immelt says, "The first quarter was a strong start to the year with organic revenues +7%, orders +10%, and Industrial operating margin +130bps. We delivered $0.21 of Industrial operating + Verticals* earnings per share, flat as reported, but +12% excluding gains and restructuring. We returned $4.4 billion to shareowners through dividends and buyback. Industrial operating cash flows were negative $1.6 billion driven primarily by an increase in working capital and timing of billings on our long-term equipment and service contracts. We expect cash flows to improve throughout the remainder of the year, with no change to our full year cash flow framework. We reaffirm our 2017 operating framework for Industrial operating + Verticals EPS, organic revenue growth and Industrial operating margin expansion."