GE's Comeback Continues With a Solid Q2 Earnings Report

General Electric's (NYSE: GE) first attempt to turn itself around -- under the leadership of former CEO John Flannery -- was a bust. However, since new CEO Larry Culp took the helm last October, the storied conglomerate has started to make more measurable progress.

That progress continued last quarter. While GE's revenue, adjusted earnings, and free cash flow all declined on a year-over-year basis, the company raised its full-year forecast for all three metrics. This is an important signal that GE is finally stabilizing its business and could return to growth over the next few years.

In the second quarter, GE's revenue slipped 1.1% year over year to $28.8 billion. However, for its core industrial businesses, organic revenue -- a metric that strips out the impact of acquisitions, dispositions, and currency fluctuations -- jumped 7.4% to $27.7 billion.

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