GE (GE) Beats Q2 Views on Stronger Transportation, Healthcare Numbers
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Price: $23.57 --0%
Revenue Growth %: -0.5%
Financial Fact:
Earnings from continuing operations: 3.62B
Today's EPS Names:
ZLC, TOL, TGT, More
Revenue Growth %: -0.5%
Financial Fact:
Earnings from continuing operations: 3.62B
Today's EPS Names:
ZLC, TOL, TGT, More
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General Electric (NYSE: GE) is trading stronger early Friday, following strong second-quarter 2011 earnings results.
Revenue in the quarter fell 3.5 percent, from $36.93 billion to $35.63 billion. The number was still better than the $34.72 billion expected on the Street.
Net income rose 31 percent to $3.764 billion, or 35 cents per share. Adjusting for pension costs, and earnings slimmed to 34 cents per share, stronger than the 32 cents expected.
"We posted solid overall operating earnings growth of 18%, with strong contributions from GE Capital, Healthcare, Transportation, Aviation, and Oil & Gas," CEO Jeff Immelt. "GE's backlog grew to a record high of $189 billion. Total infrastructure orders were up 24 percent, reflecting robust strength in equipment orders, up 33 percent, and service orders up 16 percent."
Immelt said Energy earnings were lower stemming from pressure in the renewable sector, which was previously communicated.
GE Capital reported a Tier 1 Common Ratio of 9.1 percent. The arm contributed $12.09 billion to the top-line in the quarter, down from the same period last year.
As Immelt stated, Transportation was a key driver in the quarter, with revenue growing 74 percent to $1.23 billion. Conversely, its Home & Business solutions unit saw a 4 percent drop in revs to $2.15 billion.
GE shares are up about 0.4 percent early Friday.
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Revenue in the quarter fell 3.5 percent, from $36.93 billion to $35.63 billion. The number was still better than the $34.72 billion expected on the Street.
Net income rose 31 percent to $3.764 billion, or 35 cents per share. Adjusting for pension costs, and earnings slimmed to 34 cents per share, stronger than the 32 cents expected.
"We posted solid overall operating earnings growth of 18%, with strong contributions from GE Capital, Healthcare, Transportation, Aviation, and Oil & Gas," CEO Jeff Immelt. "GE's backlog grew to a record high of $189 billion. Total infrastructure orders were up 24 percent, reflecting robust strength in equipment orders, up 33 percent, and service orders up 16 percent."
Immelt said Energy earnings were lower stemming from pressure in the renewable sector, which was previously communicated.
GE Capital reported a Tier 1 Common Ratio of 9.1 percent. The arm contributed $12.09 billion to the top-line in the quarter, down from the same period last year.
As Immelt stated, Transportation was a key driver in the quarter, with revenue growing 74 percent to $1.23 billion. Conversely, its Home & Business solutions unit saw a 4 percent drop in revs to $2.15 billion.
GE shares are up about 0.4 percent early Friday.
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