General Electric has posted a loss in the first quarter, because of the sale of large parts of its financial arm.
The Fairfield-based conglomerate took a one time charge of $16 billion in connection with the massive reshaping of its portfolio — selling off most of GE Capital, which became the cornerstone of its profits in the last decade.
But the company said its industrial profits rose nine percent in the quarter, despite a one percent fall in revenues. Excluding the one-time charges, GE posted earnings of 31 cents a share, exceeding analysts’ expectations. Sales in its oil and gas business dropped eight percent. That’s a steeper decline than the company had forecast.
Move for Frontier
Frontier Communications says its moving. The cable, phone and internet provider will establish its headquarters in Norwalk, moving out of its longtime Stamford base.
The company has about 200 employees in its Stamford offices, who will move with the company at some time before its lease expires next year. It has now leased space at the Merritt 7 Corporate Park in Norwalk.
Mohegan Sun Named Best Employer
Mohegan Sun has earned top marks from Forbes Magazine as one of the nation’s best employers. The ranking lists the tribal casino as the 12th-best employer in its travel and leisure category.
The magazine based its listings on an independent employee survey. The Mohegan Tribal Gaming Authority described the recognition as an honor, and a testament to its team members.
