GE earnings snapshot in Q1 runs at a loss
Boston – General Electric Co. (GE) on Friday reported a first-quarter loss of $1.15 billion, after reporting a profit in the same period a year earlier.
The Boston-based company said it had a loss of 14 cents per share. Earnings, adjusted to account for discontinued operations and non-recurring costs, came to 16 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The industrial conglomerate posted revenue of $28.66 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $27.88 billion.
GE expects full-year earnings in the range of $1 to $1.07 per share.
GE shares have declined 20 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 1 per cent. The stock has declined 53 per cent in the last 12 months.