GE’s 1Q performance tops Wall Street’s view
General Electric Co. on Friday reported first-quarter net income of $653 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Boston-based company said it had a profit of 7 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 21 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The industrial conglomerate posted revenue of $27.66 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $26.36 billion.
GE expects full-year earnings in the range of $1.60 to $1.70 per share.