More positive news, going screw up the Wingers day ;))
GE Profit Tops Estimates as Industrial Units Post Earnings Gains
By Tim Catts - Jan 18, 2013 6:44 AM ET
General Electric Co. (GE) reported higher profit than analysts estimated as earnings at all of its industrial business climbed for the second straight quarter.
Adjusted income from continuing operations grew 13 percent to $4.67 billion, or 44 cents a share, in the fourth quarter, GE said today in a statement. That topped an average estimate of 43 cents a share in a Bloomberg survey of 13 analysts. Sales climbed 4 percent to $39.3 billion.
GE overcame a year-end slump that deepened as President Barack Obama and his opponents in Congress negotiated to avoid $600 billion of automatic spending cuts and tax hikes that had been scheduled to begin taking effect on Jan. 1.
Including pension expenses and other items, Fairfield, Connecticut-based GE’s net income climbed 8 percent to $4.01 billion, or 38 cents a share, from $3.73 billion, or 35 cents, a year earlier.
GE climbed 1.9 percent to $21.70 at 6:32 a.m. in pre-market New York trading. The stock climbed 17.2 percent last year compared with a 13.4 percent gain for the Standard & Poor’s 500 index.
To contact the reporter on this story: Tim Catts in New York at tcatts1@bloomberg.net.
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