General Electric Earnings Beat Forecasts by Wall Street

General Electric’s financial results from the third quarter topped expectations on Wall Street Friday as the United States based conglomerate posted higher earnings amidst continued moves of refocusing on its industrial roots.

Shares at GE based in Connecticut were up over 3% in trading shortly after the financial markets in the U.S. opened.

The business reported earnings of $2.51 billion equal to 25 cents a share, down from last year at the same time of $3.55 billion equal to 35 cents a share.

Adjust earnings excluding any special items, were 29 cents a share, said officials at GE.

Revenue for the third quarter reached $31.68 billion, which was down from last year during the same reporting period of $32.1 billion.

Analysts on Wall Street had forecasted that GE would have revenue of $28.65 billion and per share earnings of 26 cents.

The results come just three days after the company sold more than $30 billion in leasing and commercial lending businesses to San Francisco based Wells Fargo.

That was the latest step by the company in its restructuring plan that is aimed at selling $200 billion in its assets from the GE financing division.

The strategy has but renewed focus on energy, transportation healthcare and aviation, marking the return to the manufacturing heritage of GE and a shift from financing.

The company looked at as a proxy for manufacturing in the U.S. said its revenues from the aviation division were up 5% compared to the same period last year.

The water and power division of GE posted a rise of 1% for each. However, the company said its gas and oil revenue had dropped by 16% from the same three months last year amidst a continued slump globally of prices related to energy.

GE said it is planning to launch a new share exchange during next week for its Synchrony Financials division, the consumer finance arm for GE, after it won approval from the U.S. Federal Reserve.

The exchange will produce between a 6% and 7% reduction in the close to 10.1 billion shares of outstanding GE stock as of this past June 30.

 

Latest News

Oracle Buying Textura at a Price of $663 Million
Oracle Buying Textura at a Price of $663 Million
AB InBev Offering More Assets of SABMiller in Europe to Win EU Approval
AB InBev Offering More Assets of SABMiller in Europe to Win EU Approval
Verizon Working With Authorities On Sabotage Incidents
Verizon Working With Authorities On Sabotage Incidents
UPS Profit Increases During First Quarter by 10%
UPS Profit Increases During First Quarter by 10%
FY2016 EPS Estimates for Bank of Marin Bancorp  Lifted by Analyst
FY2016 EPS Estimates for Bank of Marin Bancorp Lifted by Analyst
KeyBanc Equities Analysts Lift Earnings Estimates for Brandywine Realty Trust
KeyBanc Equities Analysts Lift Earnings Estimates for Brandywine Realty Trust


Leave a Reply

 
 
© 2006-2016 The Vista Voice. Subscribe