Shares of General Electric Co. (GE) shot up 3.1% in premarket trade Thursday, after the diversified industrial company reported a fourth-quarter profit that missed expectations but revenue that beat. GE swung to net income of $574 million, or 7 cents a share, from a loss of $11.00 billion, or $1.27 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 17 cents, below the FactSet consensus of 22 cents. Revenue rose 5% to $33.28 billion, beating the FactSet consensus of $32.23 billion. Within GE's business segments, power revenue fell 25% to $6.76 billion, below the FactSet consensus of $7.45 billion and aviation revenue rose 21% to $8.46 billion, beating expectations of $7.89 billion. Elsewhere, healthcare revenue rose 2% to $5.40 billion, just above the FactSet consensus of $5.39 billion, and renewable energy revenue climbed 28% to $3.36 billion to top expectations of $3.18 billion. Cash flow from operating activities (CFOA) was $6.39 billion, down from $6.98 billion a year ago. The stock has tumbled 43.7% over the past 12 months, while the Dow Jones Industrial Average has slipped 4.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 31, 2019 11:53 ET (16:53 GMT)
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