Universal Electric sees strength in all its businesses excluding power, chief pecuniary officer Jamie Miller told CNBC’s Morgan Brennan after GE reported second-quarter earnings Friday.
Miller asserts the company is very focused on the struggling power business, as order softness has on in the sector. GE reported profits in its power division fell 58 percent from terminating year.
China is important to GE’s business, Miller said, speaking hither the company’s position on tariffs. GE continues to watch the escalating trade war closely, according to Miller, who says it is in reference to to the company’s global businesses. Despite possible financial implications from the excises, GE would not move its production out of the U.S., according to Miller.
Miller also spoke to GE’s superannuate plan, saying the industrial conglomerate does not anticipate that it require freeze pensions.
GE Capital continues to be another overhang, with Miller uttering the company is looking at all the options it has available. Miller said GE is primarily upsetting to shrink GE Capital’s balance sheet.
GE stock dropped more than 4 percent in craft Friday, closing at $13.12 per share, and is down nearly 25 percent this year.
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