General Electric on Friday reported a rise in quarterly profit, topping analysts' estimates, but organic revenue fell 1 percent, raising questions about the company's full-year revenue target.
Shares of GE were down 1 percent in premarket trading. (Get the latest quotes here.)
The industrial conglomerate affirmed its forecast of 2 percent to 4 percent growth in annual organic revenue, a figure that excludes foreign exchange and discontinued operations. Some analysts had said the top end of that range appeared difficult to achieve due to sluggish demand for GE's oil and gas equipment and a weak industrial economy.
"The oil and gas environment is challenging," Chief Executive Jeff Immelt said in a statement. But GE was "able to offset this with better performance across the portfolio."
GE said power generation equipment shipments were low in the first quarter but that a pickup in the second half of the year would help it hit the revenue target.
The company reported earnings of 21 cents per share, excluding finance businesses it is winding down, on revenue of $27.6 billion. Analyst had expected EPS of 19 cents on $27.6 billion in sales.