American multinational conglomerate General Electric saw a decline in revenue in the first quarter of 2019, but posted an increase in earnings year-over-year, according to its financial statement released on Tuesday.
Net earnings attributable to common shareowners numbered $3.55 billion in the first three months of the year, while the company posted a net loss of $1.18 billion during the same period of 2018.
The firm's revenue, however, decreased slightly by 1.8% to $27.29 billion over the January-March period, from $27.79 billion during the same period of 2018.
"Our quarterly results were better than our expectations, largely driven by timing of certain items, which should balance out over the course of the year," Chairman and CEO H. Lawrence Culp, Jr. said in a statement.
General Electric saw revenue growth in aviation, and in the oil & gas segments year-over-year, but a decline in power and renewable energy, while healthcare remained flat, the financial figures showed.
Revenue from the oil & gas sector rose 4.5% to $5.62 billion in the first quarter of 2019, from $5.38 billion during the same period of last year. The aviation segment's revenue soared almost 12% to $7.95 billion, from $7.11 billion during the same period of 2018.
However, while revenue from renewable energy contracted 3% to $1.6 billion in the first three months of the year, compared to $1.65 billion a year ago, the power sector's revenue declined to $5.66 billion from $7.22 billion during that period for a 21.6% loss.
By Ovunc Kutlu