S&P 500 (NYSE:SPY) component General Electric Company (NYSE:GE) reported net income above Wall Street’s expectations for the first quarter. General Electric Co. is an advanced technology, services and finance company that provides services ranging from aircraft engines to business and consumer financing.
General Electric Company Earnings Cheat Sheet for the First Quarter
Results: Net income for the conglomerate rose to $3.53 billion (31 cents/share) vs. $1.95 billion (17 cents/share) YoY. A rise of 81.3% from the year earlier quarter.
Revenue: Rose 5% to $38.45 billion YoY.
Actual vs. Wall St. Expectations: GE (NYSE:GE) beat the mean analyst estimate of 28 cents/share. Estimates ranged from 27 cents per share to 30 cents per share.
Quoting Management: “As today’s results show, GE has emerged from the recession a stronger, more competitive company,” GE Chairman and CEO Jeff Immelt said. “GE Healthcare, Transportation and Aviation delivered strong results. Strategic investments in high-growth segments have strengthened the company’s Energy portfolio and position that business to return to growth in the second half of this year.”
Key Stats: A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the third quarter of the last fiscal year, which saw a 5.1% decrease.
The company has now seen net income rise in two-straight quarters. In the fourth quarter of the last fiscal year, net income rose 50.5% from the year earlier.
Competitors to Watch: Citigroup, Inc. (NYSE:C), 3M (NYSE:MMM), Hitachi (NYSE:HIT), United Technologies (NYSE:UTX), Honeywell (NYSE:HON), Agilent (NYSE:A), Danaher (NYSE:DHR), Textron (NYSE:TXT) OSI Systems (OSI), Koninklijke Philips Electronics NV (NYSE:PHG), and Siemens AG (NYSE:SI).
Today’s Performance: Shares of GE (NYSE:GE) are trading at $19.81 as of April 21, 2011 at 10:00 AM ET, down 3% from the previous close.