FAIRFIELD, Conn. (AP) _ General Electric Co. (GE) on Friday reported second-quarter net income of $2.89 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Fairfield, Connecticut-based company said it had profit of 30 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 51 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The industrial conglomerate posted revenue of $33.49 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $30.84 billion.
GE shares have risen nearly 5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased roughly 6 per cent. The stock has increased 21 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GE at http://www.zacks.com/ap/GE
Keywords: General Electric, Earnings Report, Priority Earnings