GENERAL Electric Co. has posted higher revenue and net income for the fourth quarter, but was held back from even better results by a sputtering performance from its expanding oil and gas division.
GE reported net income of $US5.15 billion ($A6.39 billion), up from $US3.21 billion in the same quarter last year. Adjusting to remove the effect of one-time items, the company reported a 4 per cent gain in net income, to $US5.64 billion
The company earned 51 cents per share, up from 32 cents a year ago. On an adjusted basis, the company earned 56 cents a share, a penny more than analysts surveyed by Zacks Investment Research expected, on average.Revenue rose 4 per cent to $US42 billion in the period but fell short of the $US42.4 billion expected by analysts, according to Zacks.GE reported progress in trimming expenses and increasing profit margins as it works to reshape itself into a more focused industrial conglomerate. GE has been shrinking its banking division and shedding other operations, while acquiring other industrial companies.GE's results were propelled by a strong performance from its power and water and transportation divisions in the quarter. But the company's recent expansion of its oil and gas division held it back in the quarter as oil prices tumbled and led to a slowdown in drilling activity.Oil and gas revenue fell 6 per cent, though the division's profit rose 1 per cent. Orders have fallen 10 per cent for the division, GE said.GE shares were up 24 cents, or 1 per cent, in trading about two hours before the market opened Friday. The stock has decreased almost 7 per cent in the last 12 months.Anda sedang membaca artikel tentang
GE earnings rise despite headwinds
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