Stock quotes, currencies, commodities, indices and other financial information can be accessed directly from your homepage.
The US company General Electric Co posted a drop in profit and revenue in the second quarter due to weak performance of financial subsidiary GE Capital, but reported an increase in orders. The revenues of GE Capital were down 3% yoy and net profit decreased by 9%. The total profit of the Group exceeded the minimum analysts' expectations after being cut costs, and orders for turbines and other industrial machinery remained level.
Overall orders have increased by 4% worldwide and 20% in USA, their growth surprise investors. "This is close to achieving a positive surprise as quickly as possible", said Tim Ghriskey of Solaris Asset Management, holder of shares of General Electric. General Electric, which ranks third in the world in the production of aircraft engines, announced a net profit of 3.69 billion USD, or 36 cents per share, while for the second quarter of 2012 registered a profit of 4.01 billion USD, or 38 cents per share.
The analysts polled by Reuters had expected earnings of 35 cents per share. The revenue of the Group decreased by 4% to 35.1 billion USD, remaining below predicted by experts 35.56 billion USD.
The financial performance of General Electric (GE) for the first quarter exceeded analysts' expectations because of better sales of equipment for oil and gas drilling and sale of its stake in NBC Universal. The company announced that profit for the quarter was 39 cents per share in expected 35 cents, while at the same time last year was reported profit of 34 cents a share.
The company's revenues have shrunk slightly to 35 billion USD from 35.18 billion USD in the first three months of last year, but analysts had expected a deeper drop - up to 34.51 billion USD. The company General Electric reported an increase in orders since the beginning of the year, the aviation has registered an increase of 47 percent in gas production - 24 percent, while other equipment - 10 percent. The company stressed that the results of individual markets are highly polarized as the strongest were in the United States and emerging economies, and the poor - in the area affected by the recession Europe.
General Electric Co announced stronger than expected growth of 7.5% in profit for the fourth quarter and a sharp increase in the stock of orders for equipment. The largest US conglomerate with strong profit growth in units for aircraft engines and equipment used for oil and gas. The results are a consequence of the efforts of the Chief Executive Officer Jeff Immelt in recent years to expand the company's presence in the energy sector. Backlog of orders, which investors see as an important indicator of future sales growth reached a record high 210 billion USD in the fourth quarter from 203 billion USD in the previous one.
"I did not expect to see an increase of 7 billion USD, or 3.5%, the stock of orders", said Jack December Gan, chief investment officer at Harbor Advisory Corp, which is a shareholder in General Electric. "Orders in the fourth quarter should really have proved good for the industrial division", he added. Robust demand in China and countries extracting oil, has helped to offset troubled economy at home and in Europe, Immelt said. "We are seeing a real boom in emerging markets and developed countries to stabilize", he said.
General Electric Co announced weaker earnings in the third quarter than expected. The revenues were adversely affected by the differences in exchange rates, as investors shrugged off profit growth of 8.3%, leading to more than 2% decline in the market capitalization of the company. The largest US conglomerate said that revenue rose 2.8%, in aviation and health departments have registered a decline. The projection for the year as a whole is to increase by only 3%, reflecting ongoing efforts to shrink the financial division and unfavorable foreign exchange differences due to the strong dollar, the company indicated.
From there, however, maintained its forecast for annual profit growth of double-digit rate. General Electric does not rely on a significant improvement in the global economy next year. "I do not anticipate improving the situation in Europe", said CEO Jeff Immelt company.
"We see 2013 as in 2012, with most variable is the fiscal gap", he added, referring to the removal of tax breaks and spending cuts totaling about 600 billion USD, which will take effect from early next year if U.S. lawmakers fail to reach agreement on the size of the government deficit.
The company does not expect that to happen. "We assess that like most people, that somehow this problem will be solved", said Immelt, who is also a senior adviser to US President Barack Obama on employment and competitiveness.
The net profit at General Electric in the third quarter rose to 3.49 billion dollars, or 33 cents a share, compared 2.34 billion, or 22 cents per share for the same period in 2011 if one-off effects , earnings reached 36 cents per share, justifies estimates of analysts.
The American industry led by General Electric gives reason for hope in the largest economy in the world. Conglomerate, like its smaller competitor, Honeywell, failed due to strong domestic demand in the second quarter to offset the weakness of European operations. First of all engines for locomotives and airplanes were especially sought after. Profit from continuing operations increased by 2.5% to 3.66 billion USD, the Group announced on Friday, said. With revenue of 36.5 billion USD turnover of GE was also 2.5 percent higher and was in the expectations. And the largest division of the company - for energy technologies, there has been a good quarter. The business end of the year should be divided into three areas - electricity and water, oil and gas, and energy management. Director John Krenichki current division will leave at the end of the year the company after 29 years of service in it. The earnings per unit GE Capital increased to 2.12 billion dollars, or 31 percent, even though revenue fell by 8 percent to 11.5 billion USD. Outfits pay 3 billion USD dividend to the parent company. The GE Capital payments resumed in May after the Federal Reserve completed evaluation of the company's business.
The infrastructure orders reached 23.1 billion USD, or 1% less than last year because of the sharp decline in demand for wind turbines. The GE's success is closely linked with the efforts of CEO Jeffrey Immelt to increase the company's industrial profits, shrinking financial division after a loss of about $ 32 billion along the height of the financial crisis, writes Reuters. Immelt holds a solid target at year-end company reported double-digit profit growth, which was well received by analysts.
The U.S. industrial conglomerate General Electric reported a decline in its net profit for the first quarter of 2012. The company's profit amounted to 3.03 billion USD and is 10% lower compared to same period last year, when it reached 3.36 billion USD. This year results were affected by one-off costs, including a fee of 200 million USD related to the Irish mortgage business. If these costs are removed from the equation, GE's profit would be 3.6 billion USD or one percent above that of the first quarter of 2011, says the CEO Jeff Mistletoe. "Our results show that we achieve industrial growth", added he. "This quarter we have seen strong growth as orders for new equipment and services we offer", Jeff Mistletoe said.
GE is the world's largest manufacturer of aircraft engines, but the company has strong positions in other industry sectors, including manufacturing of equipment for power stations and transport infrastructure.
"If you look at the details, the results exceeded analysts' expectations, but they are made at the expense of redundancies. We have not yet seen the growth, as seen in previous quarters", said Todd Shonbarg However, managing director of Landcolt Trading.
The American corporation General Electric announced a significant drop in profits last quarter of last year. This was not accepted by optimistic investors and the company's shares fell sharply before the start of today's session. The General Electric's profit for the fourth quarter of 2011 amounted to 3.73 billion, or 35 cents a share. This is a drop of 18% achieved against the same period in 2010 4.54 billion, or 42 cents a share.
The revenues also show a decrease - 7.9 percent yoy to 37.97 dollars per share. This is not entirely indicative of the performance of the company since last year's results fall in revenue from the sale of NBC Universal. Without taking into account their income grow by 3.6 per cent on annual base. For the entire 2011 revenue of General Electric are 147.3 billion USD.
The U.S. company General Electric Co said profit growth of 18% in the third quarter in line with analysts' expectations, helped by strong profit growth in key export markets such as Brazil, Russia and China. The company added it expects double-digit profit growth for 2012.
"We continue to successfully maneuver through the volatile global economy", said the CEO of GE Jeff mistletoe in your message. The investors were especially fascinated by the growth of 16% in orders for industrial equipment, which is an important indicator of future revenue and increase international sales by 25%. The largest manufacturer of airplane engines announced a profit of 2.34 billion USD in the third quarter, or 22 cents a share, while for the same period of 2010 profit was 1.98 billion USD, or 18 cents per share. The results include the cost of 8 cents per share for the redemption of preferred shares, the company sold to Berkshire Hathaway Inc of billionaire Warren Buffett during the financial crisis. This move, however, will carry a 3 cents earnings per share further in the next few years. Excluding one-off revenue and expenses not related to core business of General Electric, profit jumps 31 cents per share.
The General Electric's profit rose in the second quarter with 21.6 percent annually to 3.69 billion, helped by increased demand for jet engines and equipment for oil and natural gas. The profit before extraordinary income / expenses is 34 cents per share - slightly above the forecast of analysts 32 cents. The Revenues of the Group for the period decreased by 3.5% yoy to 35.63 billion dollars in analyst expectations for 34.7 billion, reflecting the sale of majority stake in NBC Universal to Comcast Corp. The largest U.S. conglomerate said that its results for the quarter were supported from the sales of locomotives, which offset weaker demand for wind turbines. GE General orders have increased by 24% to a volume of 189 billion dollars, says chief executive officer Jeffrey mistletoe, which has encouraged growth in the remainder of the year and beyond. The industrial company revenues outside the U.S. increased by 23% annually for a period exceeding total revenue growth from continuing operations, which is 7%.
The U.S. conglomerate General Electric reported impressive profit growth of 77% in the first quarter. This proved more than the preliminary estimates of analysts. The General Electric's profit for the first three months of 2011 was 3.43 billion USD, or 31 cents per share. For the comparable period last year was a positive result of 1.95 billion EUR, or 17 cents a share. The company's revenues grew by 6 percent to 38.45 billion USD. The expectations of analysts was for earnings of 28 cents a share and revenue of 34.8 billion USD. With a major contribution to increased earnings of General Electric is a unit of financial services company. It reported a tripling of profits annually to 1.8 billion USD.
"General Electric out of recession as a stronger and more competitive company," said chairman of the board of directors of the company Jeff mistletoe. Because of good results General Electric will increase its dividend for the quarter by 1 cent to 15 cents a share. He will be received by shareholders in the third quarter of 2011, explained the company.