Honeywell International Inc <HON.N>, a maker of industrial, aerospace and auto components, reported lower-than-expected quarterly revenue, hurt by weak demand from oil and gas customers. The company, which got about 11 percent of its sales from the energy industry in 2014, also cut its full-year revenue forecast, sending its shares down as much as 3.2 percent to $95.33 on Friday. ...Read More »
Tag Archives: General Electric Co.
Oct 16 (Reuters) – The flagging oil sector and volatile emerging economies are keeping pressure on U.S. industrial manufacturers such as General Electric Co and Honeywell International, which are cutting costs or squeezing supply chains to help churn out stronger profits. The latest corporate reports, including Emerson Electric Co posting tepid order growth, served as fresh signs of weakness in ...Read More »
CALGARY, Alberta – Alberta’s left-leaning New Democratic Party (NDP) government said on Wednesday it was reaching out to prominent energy and other industry executives for advice to revamp the western Canadian province’s struggling economy. Alberta, home to Canada’s oil sands and the largest source of U.S. crude imports, has been hammered by tumbling global oil prices over the past 12 ...Read More »
General Electric Co said it increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices. The move follows GE’s notification to regulators in January of the planned layoffs of 330 people at its beam-pumping manufacturing facility in Lufkin, Texas. The total number of reductions ...Read More »
NEW YORK — General Electric Co. posted higher revenue and net income for the fourth quarter, but was held back from even better results by a sputtering performance from its expanding oil and gas division. The company calmed investors by maintaining its guidance for its 2015 profit, despite the low oil prices that are hurting its oil and gas operations ...Read More »
PITTSBURGH — Penn State University said Wednesday that General Electric Co. will give the school up to $10 million to create a new center for natural gas industry research. Penn State President Eric Barron said in a statement that the center will produce tangible benefits to the industry, to communities that are affected by drilling or related activity, and to ...Read More »