GE profit falls 19 percent, but beats expectations
FAIRFIELD, Conn. (AP) — General Electric’s profit fell 19 percent in the last quarter from a year ago, as revenue at its transportation, lighting and oil and gas businesses fell.
Shares of the industrial conglomerate fell more than 2 percent Friday.
The company reported net income of $2.03 billion, or 22 cents per share, in the three months ending Sept. 30, compared with $2.51 billion, or 25 cents per share, in the same quarter a year ago.
Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 32 cents per share, topping Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
Revenue rose 4 percent to $29.27 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $29.84 billion.
The company said revenue fell 25 percent at its oil and gas business, 22 percent at its transportation segment and also 22 percent at its energy connections and lighting unit. Its renewable energy business had the biggest growth, with revenue rising 66 percent as it sold more wind turbines.
Shares of General Electric Co. fell 59 cents, or 2.1 percent, to $28.48 Friday morning.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GE at http://www.zacks.com/ap/GE
Keywords: General Electric, Earnings Report, Priority Earnings