General Electric reports $1.2 bn loss in 1Q; reaffirms outlook

New York (AFP) – General Electric reported a $1.2 billion loss in the first quarter Friday following a large legal charge, but confirmed its full-year profit forecast.

GE, which has been hit by weakness in its power and oil and gas businesses, set aside $1.5 billion in legal reserves connected to lawsuits from its discontinued US mortgage business, WMC. GE reported operating profits in every division except oil and gas.