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