General Electric (GE) Q2 Profits Grow Giving Shares an Early Boost
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General Electric Co. (NYSE: GE) said Friday that it saw a 1 percent rise in second-quarter profit, after nine consecutive quarters of declines, bolstered by strong demand for healthcare and oil and gas equipment.
The largest conglomerate in the U.S. reported second-quarter earnings of $3.03 billion or 30 cents per share, up from $2.61 billion or 27 cents in the same quarter last year.
Revenue for GE in the three month period ended fell 4.3 percent to $37.44 billion from $39.1 billion last year. For GE Capital Services, revenue fell 2 percent in the quarter to $13.1 billion.
On average, analysts were looking for earnings of 27 cents per share and revenue of $38.48 billion from GE.
"Equipment orders increased 17 percent, including 20 percent growth in the Energy Infrastructure segment and 14 percent at Technology Infrastructure," GE Chairman and CEO Jeff Immelt said. "Oil & Gas and Healthcare orders were particular bright spots and helped hold total company orders backlog roughly flat, excluding the impact of foreign exchange."
The world’s largest producer of jet engines and electricity-producing turbines said that total orders rose 8 percent, a strong indicator for future growth for the company.
"GE's economic environment continues to improve,” Immelt said. "We continue to see improvement in key performance measurements. Losses and impairments declined $0.5 billion from the prior quarter, with consumer losses down $0.4 billion and real estate losses in line with our expectations. We have strengthened the franchise over the past year and GE Capital’s earnings recovery should continue."
Shares of GE are up 30 cents to $15.55 in premarket movement Friday.
The largest conglomerate in the U.S. reported second-quarter earnings of $3.03 billion or 30 cents per share, up from $2.61 billion or 27 cents in the same quarter last year.
Revenue for GE in the three month period ended fell 4.3 percent to $37.44 billion from $39.1 billion last year. For GE Capital Services, revenue fell 2 percent in the quarter to $13.1 billion.
On average, analysts were looking for earnings of 27 cents per share and revenue of $38.48 billion from GE.
"Equipment orders increased 17 percent, including 20 percent growth in the Energy Infrastructure segment and 14 percent at Technology Infrastructure," GE Chairman and CEO Jeff Immelt said. "Oil & Gas and Healthcare orders were particular bright spots and helped hold total company orders backlog roughly flat, excluding the impact of foreign exchange."
The world’s largest producer of jet engines and electricity-producing turbines said that total orders rose 8 percent, a strong indicator for future growth for the company.
"GE's economic environment continues to improve,” Immelt said. "We continue to see improvement in key performance measurements. Losses and impairments declined $0.5 billion from the prior quarter, with consumer losses down $0.4 billion and real estate losses in line with our expectations. We have strengthened the franchise over the past year and GE Capital’s earnings recovery should continue."
Shares of GE are up 30 cents to $15.55 in premarket movement Friday.
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