2 Big Companies Giving Support to the Stock Market After Earnings
General Electric Company (NYSE:GE) reported its results for the fourth quarter. Net income for General Electric Company fell to $3.73 billion (35 cents per share) vs. $4.54 billion (42 cents per share) a year earlier. This is a decline of 17.8% from the year earlier quarter. Revenue fell 5.7% to $37.97 billion from the year earlier quarter. GE reported adjusted net income of 39 cents per share. By that measure, the company beat the mean estimate of 38 cents per share. It fell short of the average revenue estimate of $40.03 billion.
“GE’s portfolio demonstrated strength and resilience, delivering earnings growth for the seventh consecutive quarter while also generating substantial operating cash flow to support investment in our business and dividend growth,” said GE Chairman and CEO Jeff Immelt. “We are confident in our 2012 framework to realize double-digit earnings growth in our Industrial and Capital segments, increase margins and provide dividend growth to our shareholders in line with earnings.”
Competitors to Watch: Siemens AG (NYSE:SI), 3M Company (NYSE:MMM), Hitachi, Ltd. (NYSE:HIT), United Technologies Corp. (NYSE:UTX), Koninklijke Philips Electronics NV (NYSE:PHG), Honeywell Intl. Inc. (NYSE:HON), Danaher Corporation (NYSE:DHR), Textron Inc. (NYSE:TXT), OSI Systems, Inc. (NASDAQ:OSIS), and Bio-Rad Laboratories, Inc. (NYSE:BIO).
Schlumberger Limited (NYSE:SLB) reported higher profit for the fourth quarter as revenue showed growth. Net income for Schlumberger Limited rose to $1.41 billion ($1.05 per share) vs. $1.04 billion (76 cents per share) in the same quarter a year earlier. This marks a rise of 35.6% from the year earlier quarter. Revenue rose 21% to $10.97 billion from the year earlier quarter. SLB reported adjusted net income of $1.11 per share. By that measure, the company was about in line with expectations as the mean analyst estimate was $1.10 per share. Analysts were expecting revenue of $10.79 billion.
Schlumberger CEO Paal Kibsgaard commented, “Fourth-quarter results showed solid sequential growth driven by stronger activity both on land and offshore for most Technologies, and stronger product sales for completions, software and multiclient seismic. All Areas and Product Groups grew sequentially.”
Competitors to Watch: Halliburton Company (NYSE:HAL), Weatherford Intl. Ltd. (NYSE:WFT), Baker Hughes Incorporated (NYSE:BHI), National-Oilwell Varco, Inc. (NYSE:NOV), Allis-Chalmers Energy Inc. (NYSE:ALY), Complete Production Services, Inc. (NYSE:CPX), Petroleum Geo-Services ASA (PGSVY), TETRA Technologies, Inc. (NYSE:TTI), and Recon Technology, Ltd. (NASDAQ:RCON).