Tags: general electric | earnings | profit | sales

GE Beats Profit Estimates as Sales Gains Curb Oil Challenges

Friday, 23 Jan 2015 07:56 AM

General Electric Co. exceeded analysts’ fourth-quarter earnings estimates as the company boosted sales in its power and water business, blunting the impact of falling oil prices.

The world’s largest supplier of heavy-duty gas turbines and jet engines closed 2014 with an eye on crude, which could weigh on its fast-growing oil and gas business as Chief Executive Officer Jeffrey Immelt positions GE as a global industrial infrastructure provider.

Adjusted profit from continuing operations climbed 4 percent from a year earlier to $5.6 billion, or 56 cents a share, the Fairfield, Connecticut-based company said today in a statement. GE was forecast to post earnings of 55 cents a share, according to an average of 14 analysts surveyed by Bloomberg.

“The environment remains volatile, but we continue to see infrastructure growth opportunities,” Immelt said in the statement.

In 2014 Immelt took transformational steps in his effort to rein in the finance operations and expand manufacturing units. GE cleared another hurdle last month in its pending 12.4 billion-euro ($14.1 billion) acquisition of Alstom SA’s energy assets as the French company’s shareholders approved the deal.

Sales in GE’s oil and gas unit fell 6 percent in the fourth quarter as operating profit rose 1 percent. The company had previously said earnings in the division could fall in 2015.

Total quarterly revenue of $42 billion fell short of analysts’ average estimate of $42.2 billion.

GE fell 9.8 percent in 2014, compared with an 11 percent increase in the Standard & Poor’s 500 Index.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Companies
General Electric Co. exceeded analysts' fourth-quarter earnings estimates as the company boosted sales in its power and water business, blunting the impact of falling oil prices.
general electric, earnings, profit, sales
248
2015-56-23
Friday, 23 Jan 2015 07:56 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved