Fairfield: General Electric Co (GE) on Friday reported earnings that rose by 13 per cent in its second quarter. The results matched analysts’ expectations.
The Fairfield, Connecticut-based company said profit increased to $3.55 billion, or 35 cents per share, from $3.13 billion, or 30 cents per share, in the same quarter a year ago.
Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 39 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 39 cents.
The industrial conglomerate said revenue climbed 3.2 per cent to $36.23 billion from $35.12 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $36.26 billion, according to Zacks.
General Electric shares have dropped $1.42, or 5.1 per cent, to $26.61 since the beginning of the year, while the Standard & Poor’s 500 index has risen 5.9 per cent. However, the stock has risen $2.98, or 13 per cent, in the last 12 months.
