General Electric Beats

The conglomerate also narrows full-year guidance as the economic rebound helps profit growth.

Author:: TSC Staff
Publish date:: Jul 9, 2004 8:16 AM EDT

The conglomerate also narrows full-year guidance as the economic rebound helps profit growth.

General Electric's

diverse businesses rode the economic recovery in the second quarter, as the conglomerate reported higher earnings on a double-digit increase in revenue.

The Fairfield, Conn.-based company had net income of $3.92 billion, or 38 cents a share, on revenue of $37.03 billion, compared with $3.79 billion, or 38 cents a share, on revenue of $33.37 in the year-ago period.

The consensus estimate was for a profit of $3.92 billion, or 37 cents a share, on sales of $35.55 billion, according to Thomson First Call.

Nine of the company's 11 businesses managed double-digit earnings growth.

"This is the best economy we've seen in years," the company said in an accompanying statement.

The company also narrowed full-year earnings guidance to a range of $1.55 to $1.60 a share. The low end of the range was originally $1.54 a share. The consensus EPS forecast of analysts is $1.57.