General Electric reports first quarter loss

General Electric reported a loss in the first quarter as lower crude prices weighed on sales of oil and gas drilling equipment.

The group posted a loss of $98m in the three months ended 31 March, compared to a loss of $13.57bn for the same period a year earlier, driven by a $6.3bn income-tax provision and an $8.94bn loss from discontinued operations.

Reported revenues rose 6.1% to $27.85bn. However, underlying revenue - which excludes foreign exchange and discounted operations - dropped 1% due to weak sales of oil and gas drilling equipment.

The company reduced its full-year outlook for oil and gas equipment sales to a 30% drop from a previous estimate for a 10% to 15% decline.

The group reiterated its full year profit guidance of $1.45 to $1.55 a share, excluding one-off items.