General Electric Earnings: Here’s Why Shares Are Sizzling Higher
General Electric Co. (NYSE:GE) generated a profit and beat Wall Street’s expectations, AND topped the revenue expectation. The revenue beat is a positive sign to shareholders seeking growth out of the conglomerate. Shares are surging upward 3.15%.
General Electric Co. Earnings Cheat Sheet
Results: Net operating income increased 7% to $4 billion (38 cents per diluted share) in the quarter versus a net gain of $3.73 billion in the year-earlier quarter.
Revenue: Rose 3.57% to $39.33 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: General Electric Co. reported net income of 44 cents per share, excluding one-time items. By that measure, the company beat the mean analyst estimate of $0.43. It beat the average revenue estimate of $38.74 billion.
Quoting Management: “We ended the year with a strong quarter despite the mixed global economic environment,” said GE Chairman and CEO Jeff Immelt…
…The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013.”
Revenue increased 8.19% from $36.35 billion in the previous quarter. Net income increased 33.66% from $3.49 billion in the previous quarter.
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(Company fundamentals provided by Xignite Financials.)