Thursday, April 21, 2011

General Electric's (GE) Earnings Blow Past Estimates

General Electric Co. (NYSE:GE) reported earnings that soared past analysts' estimates, as the company generated an increase in earnings of 77 percent in the first quarter.

GE reported a first-quarter profit of $3.43 billion, or 31 cents a share, up from $1.95 billion, or 17 cents a share, last year in the same quarter. The company's operating earnings, which exclude discontinued operations and other items such as nonoperating pension costs, climbed to 33 cents a share from 20 cents. Revenue jumped 6.2 percent to $38.45 billion.

Analysts had projected earnings of 28 cents a share on $34.64 billion in revenue.

GE Capital, the company's largest segment by revenue, saw its top line rise 3.3 percent while profit more than tripled. GE's energy infrastructure and aviation units saw their revenue rise 9.2 percent and 4.9 percent.

GE raised its quarterly dividend a penney to 15 cents.

General Electric was trading at $19.97, falling $0.43, or 2.13 percent, as of 12:21 PM EDT.

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