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GE profit up 36%, sales slow; affirms 2017 forecast

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General Electric Co reported a 35.7 per cent jump in quarterly profit on Friday, helped by strength in its power and renewable energy businesses, and affirmed its growth and profit forecasts for 2017.

[BENGALURU] General Electric Co reported a 35.7 per cent jump in quarterly profit on Friday, helped by strength in its power and renewable energy businesses, and affirmed its growth and profit forecasts for 2017.

The Boston-based maker of power plants, aircraft engines, locomotives and medical equipment said total revenue fell 2.4 per cent to US$33.1 billion.

Earnings from continuing operations attributable to GE shareholders rose to US$3.48 billion in the fourth quarter ended Dec 31, from US$2.57 billion a year earlier.

Earnings per share from continuing operations rose to 39 cents from 26 cents, the company said.

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Adjusted earnings, however, fell 2 per cent to 46 cents a share, matching the average of analyst estimates, according to Thomson Reuters I/B/E/S.

GE said in December it expected organic growth of 3 per cent to 5 per cent this year, figures it affirmed on Friday.

GE shares were down 0.7 per cent at US$31 in premarket trading.

REUTERS

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