GE: 2Q Earnings Snapshot
BOSTON (AP) _ General Electric Co. (GE) on Friday reported second-quarter earnings of $800 million.
The Boston-based company said it had net income of 7 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 19 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The industrial conglomerate posted revenue of $30.1 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $29.82 billion.
GE expects full-year earnings in the range of $1 to $1.07 per share.
GE shares have fallen 21 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 5 percent. The stock has dropped 49 percent in the last 12 months.