GE beats 3Q profit expectations
FAIRFIELD, Conn. (AP) — FAIRFIELD, Conn. (AP) — General Electric Co. (GE) on Friday reported third-quarter net income of $3.54 billion.
The Fairfield, Connecticut-based company said it had profit of 35 cents per share. Earnings, adjusted for one-time gains and costs, were 38 cents per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The industrial conglomerate posted revenue of $36.17 billion in the period, which did not meet Street forecasts. Analysts expected $36.99 billion, according to Zacks.
GE shares have dropped 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 1 percent. The stock has dropped slightly in the last 12 months.