Hot stock to watch: General Electric Company (GE) Friday released second-quarter results, showing net profit fell 16% for this quarter, mainly due to a loss brought by the discontinued operations, combined with the increase in pension expenditures.
Net profit declined to $3.11 billion, or 29 cents per share from $3.69 billion, or 35 cents a year earlier.
Excluding pension expenditures and discontinued operations loss, the company’s adjusted quarterly profit was 38 cents per share, higher than the 37 cents consensus estimate of analysts accepted survey of FactSet Research.
Revenue advanced 2% to $36.5 billion, thanks to the strong performance of the industrial business, but still slightly lower than the average analyst estimate of $36.77 billion.
GE reiterated that it expects full-year adjusted earnings per share will show double-digit growth.
GE stock opened higher Friday, as of 10:07 am, the shares have gained 1.06%, or $0.21, to report at $20.01, on volume of 23.65 million shares.