General Electric posts strong profit in 4Q, meets analysts' expectations
In this Oct. 14, 2009 file photo, the General Electric (GE) logo is shown on a microwave oven at Best Buy in Mountain View, Calif. (AP Photo/Paul Sakuma, File)
Jonathan Fahey, The Associated Press
Published Friday, January 17, 2014 7:36AM EST
NEW YORK -- General Electric Co. says its net income rose 5 per cent in the fourth quarter on rising profits from the sale of aircraft engines, oil and gas drilling equipment and appliances.
Its adjusted earnings matched Wall Street expectations. Its shares edged higher in premarket trading.
GE reported net income of $4.2 billion for the fourth quarter of 2013 on revenue of $40.38 billion. That's up from net income of $4.01 billion on revenue of $39.16 billion in the fourth quarter of 2012.
Adjusted to remove the effects of one-time items and discontinued operations, GE earned 53 cents per share. That matches what analysts polled by FactSet expected, on average. GE's adjusted earnings per share rose 20 per cent compared with the prior quarter.
Profit in the company's aviation, oil and gas, and appliances divisions all rose 20 per cent or more in the quarter.