Winners and Losers: Shares of General Electric sunk almost 3 percent after posting a decline in second-quarter profit.
GE's closely watched cash flow from operations fell 67 percent to $3.6 billion from a year ago, reflecting the loss of contributions from the appliances division that the company sold.
"The global scale of the Company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets", said Chief Executive Jeff Immelt, in his last quarter in charge of GE.
Operating cash flow from GE's continuing industrial operations, adjusted to exclude deal taxes and pension plan funding, rose from $65 million to $1.47 billion year over year in the quarter.
While GE is the world's 14th-largest company, according to Forbes magazine, its shares have dropped 20% over the past 12 months to $25.98 as oil-equipment sales were curbed by lower crude prices and a government debate over possible cuts to Obamacare hampered purchases of health-care equipment.
CEO Flannery has declared in a conference that his review would take time, but it had not altered GE's 2017 outlook.
The results give the departing CEO a boost as he prepares to hand the reins to John Flannery.
Mr. Flannery is meeting with investors and visiting the business units of the roughly 300,000-person company. He acquired power assets from France's Alstom, merged GE's oil and gas business with Baker Hughes, and moved the headquarters to Boston.
Cash flow in GE's industrial segment was a positive $1.5 billion after a shocking first-quarter shortfall of $1.6 billion.
The company posted earnings per share of 28 cents, beating estimates of 25 cents.
Net profit sagged 58% to $1.34 billion, or 15 cents per share, from $3.30 billion, or 36 cents per share, in the comparable quarter of 2016.
In last year's second quarter.
GE has cut $670-million in industrial overhead costs this year, Immelt said, and will "meet or exceed" its $1-billion target for 2017 - a goal set after discussion with activist investor Trian Fund Management.