GE posts strong profit in 4Q, meets analysts' expectations | iNFOnews | Thompson-Okanagan's News Source

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GE posts strong profit in 4Q, meets analysts' expectations

In this Thursday, Jan. 16, 2014, photo, a General Electric logo is displayed on a kitchen appliances in a H.H. Gregg store in Cranberry Township, Pa. General Electric Co. reports quarterly financial results before the market opens on Friday, Jan. 17, 2014. (AP Photo/Gene J. Puskar)
January 17, 2014 - 4:02 AM

NEW YORK, N.Y. - General Electric Co. says its net income rose 5 per cent in the fourth quarter on rising profits from the sale of aircraft engines, oil and gas drilling equipment and appliances.

Its adjusted earnings matched Wall Street expectations. Its shares edged higher in premarket trading.

GE reported net income of $4.2 billion for the fourth quarter of 2013 on revenue of $40.38 billion. That's up from net income of $4.01 billion on revenue of $39.16 billion in the fourth quarter of 2012.

Adjusted to remove the effects of one-time items and discontinued operations, GE earned 53 cents per share. That matches what analysts polled by FactSet expected, on average. GE's adjusted earnings per share rose 20 per cent compared with the prior quarter.

Profit in the company's aviation, oil and gas, and appliances divisions all rose 20 per cent or more in the quarter.

News from © The Associated Press, 2014
The Associated Press

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