GE profit falls, but 'more optimistic' as Trump arrives

General Electric matched expectations for fourth-quarter profit, but its revenue slumped as the underperforming oil and gas sector took a bite out of the bottom line.

As Donald Trump takes the oath of office Friday to become the 45th president of the United States, GE said in a prepared presentation for investors that it is "more optimistic about U.S. economy" after "slow growth and volatile environment" in the fourth quarter. The company did not mention Trump by name.

GE's net earnings tumbled 45% to $3.5 billion, compared to a year earlier. On a per-share basis the company earned 46 cents, meeting S&P Global Market Intelligence expectations.

But total revenue declined 2% to $33.1 billion, trailing expectations of $33.7 billion.

GE stock fell 1.5% to $30.75 in pre-market trading.

Although oil prices recovered in the latter half of the fourth quarter as the Organization of the Petroleum Exporting Countries bolstered the commodity with a deal to slash production, it was too little, too late for GE.

The conglomerate's oil and gas division posted a 22% decline in revenue to $3.4 billion, while its profit fell 43% to $411 million.

The company reported revenue growth of 20% for its power division, its largest segment, to $8.5 billion. Profit in that segment increased 27% to $2.1 billion.

Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.