BOSTON — General Electric Co. (GE) on Friday reported second-quarter profit of $1.37 billion.
On a per-share basis, the Boston-based company said it had net income of 13 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 28 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The industrial conglomerate posted revenue of $29.56 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $29.12 billion.
GE shares have dropped 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 10 percent. The stock has fallen 19 percent in the last 12 months.
Keywords: General Electric, Earnings Report, Priority Earnings