GE beats estimates despite earnings fall

General Electric, the largest US industrial group by market capitalisation, reported a 6 per cent drop in net earnings for the first quarter of the year but robust operating performance, with rising underlying earnings in both its industrial and financial businesses.

Excluding disposal proceeds, earnings per share rose 17 per cent, and Jeff Immelt, chief executive, also reiterated the guidance that the company was on course for double-digit growth for 2012 as a whole.

The results were stronger than analysts’ expectations, and the shares rose 1.8 per cent to $19.48 by mid-morning.

Over the past 12 months, the shares have fallen by 4.6 per cent, while the S&P500 index has risen 4.2 per cent.

Earnings from continuing operations were $3.29bn, down from $3.49bn in the equivalent period of 2011, on revenues up 7 per cent at $23.5bn.

Read Full Article from Financial Times

- Posted: 2012-04-20 11:14:13

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