Thursday, August 21st21.3°C
22568
21626

General Electric lights up 'penny profit'

General Electric posted a slight gain in net income in the second quarter and said its U.S. operations are picking up steam.

GE said Friday that it earned $3.13 billion, up from $3.11 billion a year earlier. On a per share basis, the company earned 30 cents, up from 29 cents. Revenue fell 4 per cent, to $35.12 billion from $36.5 billion.

Adjusted to reflect earnings from continuing operations, GE earned 36 cents per share. That's 2 cents less than adjusted earnings last year, but one cent better than analysts polled by FactSet had expected. GE shares rose $1.07, or 4.6 per cent, to $24.70 in early trading. They went as high as $24.85, the highest intraday level since September of 2008.

GE, based in Fairfield, Conn., has a broad view of the global economy because it sells a wide variety of industrial equipment and appliances around the world, including jet engines, medical diagnostic equipment, locomotives, washing machines, natural gas-fired turbines, and oil and gas drilling equipment.

CEO Jeff Immelt said the economic environment in the U.S. brightened, although he still described it as "mixed." That marks an improvement from recent quarters, when Immelt expressed caution about the U.S. market.

"Orders in the U.S. were the strongest in some time," Immelt said on a conference call with investors. He said orders grew 20 per cent in the U.S. in the quarter.

Immelt said emerging markets remained strong and that Europe has steadied, but remained weak. GE's orders grew 2 per cent in Europe in the quarter after falling 17 per cent in the first quarter, helped by oil and gas orders in the North Sea and aviation equipment and services.

"In the GE world at least (Europe) seems to have stabilized," Immelt said.

Immelt said he expects profits to grow in the second half of the year.

The Canadian Press


Read more Business News

21097


Recent Trending




Today's Market
S&P TSX15561.08-0.87
S&P CDNX993.44-3.26
DJIA17057.4578.32
Nasdaq4528.635+2.153
S&P 5001992.91+6.40
CDN Dollar0.9116+0.0001
Gold1273.80-19.60
Oil96.30+1.82
Lumber355.00-0.10
Natural Gas3.862+0.039

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22+0.01
Cantex0.065-0.005
Anavex Life Sciences0.260.00
Metalex Ventures0.075-0.01
Russel Metals37.36-0.09
Copper Mountain Mining2.89-0.03
Colorado Resources0.18-0.005
ReliaBrand Inc0.085+0.008
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.215-0.015

 



20304

FEATURED Property
20301082217 Sunview Drive
4 bedrooms 3 baths
$548,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...


Managing a business in 40 hours a week

My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...

_








Member of BC Press Council


22267