Updated from 12:43 p.m. EST
General Electric (GE) shares fell almost 12% Friday, after the conglomerate posted a 44% year-over-year decline in net income.
GE reported fourth-quarter net income of $3.7 billion, or 35 cents a share, which included $1.5 billion of after-tax restructuring and other charges, vs. $6.7 billion, or 66 cents a share, a year earlier.
Earnings from continuing operations in the quarter were $3.9 billion, or 37 cents a share before preferred dividends, down 43% from $6.8 billion last year. Including preferred dividends, GE earned 36 cents a share from continuing operations in the quarter, down from 68 cents a share a year earlier, the company said Friday.Analysts surveyed by Thomson Reuters expected the industrial conglomerate and component of the Dow Jones Industrial Average to report earnings of 37 cents a share. Shares fell as much as 11.9%, but closed down 10.8% to $12.03. The company said segment profit fell 25% in the fourth quarter on a 67% decline at capital finance.
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