General Electric profit climbs

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GeneralElectric

Reuters.

Fairfield, Connecticut - General Electric Co. (GE) on Friday reported earnings that rose by 13 percent 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 percent 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 percent, to $26.61 since the beginning of the year, while the Standard & Poor's 500 index has risen 5.9 percent.

However, the stock has risen $2.98, or 13 percent, in the last 12 months. - Sapa-AP


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