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

General Electric reported a USD 1.2 billion loss in the first quarter today 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 USD 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.