Wednesday, May 6th7.6°C
26260
22952

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




Recent Trending




Today's Market
S&P TSX14984.28-189.66
S&P CDNX687.50-9.25
DJIA17846.86-81.34
Nasdaq4928.87-10.46
S&P 5002084.52-4.94
CDN Dollar0.8345+0.0059
Gold1193.80+0.60
Oil61.95+1.55
Lumber245.00+3.00
Natural Gas2.80+0.02

 
Okanagan Companies
Pacific Safety0.13-0.02
Knighthawk0.010.00
QHR Technologies Inc1.45+0.00
Cantex0.04+0.00
Anavex Life Sciences0.331-0.011
Metalex Ventures0.10+0.01
Russel Metals26.61-0.23
Copper Mountain Mining1.57-0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.0059+0.0019
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.195+0.010
Decisive Dividend Corporation1.85-0.15

 



26188

FEATURED Property
2224958#19 2005 Boucherie Road
1 bedrooms 1 baths
$29,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Sales Poodle wanted

Do you have a customer or prospect who treats you like a some sort of Sales Poodle? Photo: ContributedA Sales Poodle believes that his job is to satisfy the customer. The customer is king is a core be...


Not the lawsuit type

If I asked you whether you were the lawsuit type, chances are that your answer would be a resounding “NO”. Most people cringe at the thought of being involved in a lawsuit and if you don&r...


The rules are changing

In recent years, a number of countries, including England, Australia and the United States, have changed the regulatory framework that governs their financial institutions. Included have been changes ...

_








Member of BC Press Council


25143