Recently, US manufacturing giant General Electric (GE) disclosed its second quarter and first half results for FY 2018. According to the US General Accounting Standards (GAAP), GE achieved revenue of 58.764 billion U.S. dollars in the first half of this year, a year-on-year increase of 5%. In the second quarter, revenue reached 30.104 billion U.S. dollars, up 3% year-on-year.
Among them, the lighting business continues to decline. According to GE's financial report, the lighting business's revenue for the first half of the year was only 887 million US dollars, down 5% from the same period of last year, accounting for only 1.51% of GE's total revenue in the first half of the year. In the second quarter, lighting business revenue was $431 million, down 9% from the same period last year, accounting for 1.43% of total revenue.
From the perspective of revenue composition, the power business accounted for the heaviest. The revenue in the first half of the year was 14.801 billion US dollars, accounting for 25.19% of the total operating revenue; followed by the aviation business, with revenue of 14.631 billion US dollars in the first half of the year, accounting for 24.90%; In turn, oil and gas, health care, renewable energy, transportation and lighting business, the first half of the revenue was 10.939 billion US dollars, 9.68 billion US dollars, 3.299 billion US dollars, 1.814 billion US dollars, 887 million US dollars, accounting for 18.62%, 16.47%, 5.61%, 3.09%, and 1.43%.
Compared with the first half of last year, the performance of the oil and gas, aviation, and healthcare sectors increased in the first half of the year, and the rest of the business experienced different degrees of decline. General Electric CEO John Flannery said, "The second quarter results were in line with expectations, and multiple market segments continued to grow, especially in the aviation and healthcare sectors. In the first half of 2018, the company's industrial structure costs were reduced. For $1.1 billion, more than half of the $20 billion cost reduction target for 2018 has been completed; in addition, the adjusted industry free cash flow has improved over the same period last year, and the cash flow at the end of 2018 is expected to exceed $15 billion."
Flannery added: "We are working on a plan to build a stronger, simpler GE company. For example, shut down industrial solutions and value-based care businesses; divide GE Healthcare Group within 12-18 months Demolition into an independent company; BHGE (GE's oil service company Baker Hughes) is separated in an orderly manner within two to three years; GE Transportation is merged with Wabtec; distributed power division is sold to private equity firm Advent for $3.25 billion International, etc."
As one of the three major lighting companies, GE has had a relatively glorious history in the lighting industry. Today, the lighting business is already GE's smallest business, and its performance is in a downward trend, and its situation is embarrassing. In fact, GE has already retired in response to the declining lighting situation. Its lighting business has already withdrawn from the China, Europe, Middle East and Africa markets, and will soon sign a sale contract for the US lighting business. General Electric Chief Financial Officer (CFO) Jamie Miller announced at the July 20-April 2018 earnings conference call that "the lighting business is scheduled to be sold during the year."
At the time of GE’s clear sale of the lighting business during the year, US media speculated that it might be sold to Chinese companies. The successive withdrawal of international lighting companies has formed a sharp contrast with the advancement of Chinese lighting companies.
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