- General Electric (GE - Get Report) first-quarter operating earnings of $3.7 billion, or 36 cents a share, down 5% from a year earlier.
- Earnings beat consensus estimate of 35 cents.
- Revenue of $35.1 billion misses consensus estimate of $35.6 billion.
- Industrial revenue down 1% year-over-year, Power & Water down 17%.
- GE Capital pays $1.9 billion dividend to parent company.
Updated from 7:36 a.m. ET with market reaction and comment from Bank of America Merrill Lynch analyst Andrew Obin.
The Fairfield, Conn., conglomerate reported second-quarter operating earnings of $3.685 billion, or 36 cents a share, down from $4.059 billion or 39 cents a share, in the first quarter, and $4.010 billion, or 38 cents a share, in the second quarter of 2012.The first-quarter operating profit beat the consensus estimate of 35 cents, among analysts polled by Thomson Reuters. Second-quarter total revenue was $35.1123 billion, missing the consensus estimate of $34.555 billion. Total revenue declined from $36.397 billion a year earlier. GE CEO Jeff Immelt said the company "achieved Industrial segment profit growth in six of seven businesses, reduced structural costs, and continued to invest in growth," describing a "business environment that was slightly improved versus the first quarter." Immelt also said in GE's earnings press release that "Emerging markets remain resilient, and in the U.S. we saw strong growth in orders this quarter. Europe is stabilizing but still challenged. We expect margin expansion to continue and segment profits to grow in the second half of the year." GE's shares were up 5% in morning trading to $24.80.