This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

General Electric Beats by a Penny (Update 1)

Stocks in this article: GE

  • General Electric reports first-quarter operating earnings per share of 34 cents.
  • Analysts were expecting EPS of 33 cents.
  • GE Capital earnings rise 10% sequentially.

Updated with comments from BernsteinResearch analyst Steven Winoker.

NEW YORK ( TheStreet) -- General Electric (GE) on Friday reported that first-quarter operating earnings increased 3% year over year, but would have risen 17% excluding one-time items.

The company reported first-quarter operating earnings of $3.6 billion, or 34 cents a share, compared to $4.2 billion, or 39 cents a share, during the fourth quarter, and $2.3 billion, or 21 cents a share, during the first quarter of 2011.

The first-quarter earnings came in ahead of the 33-cent estimate among analysts polled by Thomson Reuters.

Total first-quarter revenue was $35.2 billion, compared to $38.0 billion the previous quarter and $36.6 billion a year earlier. Revenue for the first quarter exceeded the consensus revenue estimate of $34.7 billion.

The 8% year-over-year revenue decline reflected the one-time gains from the company's sale of 51% of its stake in NBC Universal in the year-earlier period.

CEO Jeff Immelt touted the company's "double-digit Industrial earnings growth and the return of the GE Capital dividend to the parent."

Immelt also said that GE "witnessed broad-based strength in orders across all our Infrastructure businesses and in both equipment and services," and saw "encouraging leading indicators driven by global growth."

GE Capital saw a $1.8 billion profit during the first quarter, but excluding the $381 million gain during the fourth quarter of 2011 from its sale of Garanti Bank, the financial segment's profit increased 27% year over year.

GE Capital's revenue declined 12% from a year earlier to $11.4 billion.

Total industrial segment revenue was $23.7 billion during the first quarter, increasing 14% year over year, with gains in all five industrial groups, including a 41% increase in revenue for Transportation to $1.3 billion. Energy Infrastructure revenue increased 18% to $11.2 billion, while Aviation revenue increased 12% to $4.9 billion.

Total industrial segment profit grew 10% year over year to $3.3 billion.

The company said that "infrastructure orders were a record high for the first quarter at $23.1 billion, up 20% from the prior year," while "industrial growth market orders were up 21%," and that "all businesses grew equipment orders at double-digit rates for the quarter."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs