GE 1Q results beat Wall Street's view, backs 2017 forecast
General Electric Co. topped analyst expectations in the 1st quarter and reaffirmed its forecast for 2017
Friday, April 21, 2017
BOSTON (AP) — General Electric Co. topped analyst expectations in the first quarter and reaffirmed its forecast for 2017.
The conglomerate earned $619 million in the quarter after preferred dividends, as total consolidated revenue fell about 1 percent to $27.66 billion. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 21 cents per share.
Analysts expected, on average, earnings of 17 cents per share on $26.36 billion in revenue, according to Zacks Investment Research.
GE also said Friday that it still expects full-year earnings in a range of $1.60 to $1.70 per share.
Analysts polled by FactSet predict earnings of $1.63 per share.
Boston-based General Electric has sold a number of businesses since 2004 as part of a focus shift toward producing large, complex equipment. It unloaded its insurance, credit card, plastics and security divisions. It said Friday that it has closed a $1.65 billion acquisition of LM Wind Power, a Denmark-based manufacturer of rotor blades for wind turbines.
It also said a planned combination of oil and gas operations with Baker Hughes Inc. remains on track and should close in the middle of the year.
Shares of GE edged up 13 cents to $30.40 in premarket trading Friday, after results were released.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GE at https://www.zacks.com/ap/GE
Keywords: General Electric, Earnings Report, Priority Earnings