BOSTON (AP) – General Electric Co. on Wednesday reported fourth-quarter net income of $728 million, which was down from the $761 million the company reported during the same period a year earlier.
The Boston-based company said it had net income of 6 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 21 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The industrial conglomerate posted revenue of $26.24 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $26.16 billion.
GE expects full-year earnings in the range of 50 cents to 60 cents per share.
GE shares have increased 5% since the beginning of the year, while the S&P 500 index has increased slightly more than 1%. The stock has risen 31% in the last 12 months.