GE's 1Q performance tops Wall Street's view

Associated Press |

BOSTON (AP) _ General Electric Co. (GE) 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 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.

GE shares have dropped 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 percent. The stock has decreased roughly 3 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GE at https://www.zacks.com/ap/GE

Keywords: General Electric, Earnings Report, Priority Earnings

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