Diversified conglomerate General Electric Company (
) on Friday said its second quarter earnings rose 21% from last
year, aided by a recovery in its GE Capital unit, beating analyst
The Fairfield, CT-based company reported second quarter net
income of $3.76 billion, or 35 cents per share, compared with $3.11
billion, or 28 cents per share, in the year-ago period.
Revenue fell 4% from last year to $35.6 billion.
On average, Wall Street analysts expected a smaller profit of 32
cents per share on lower revenue of $34.7 billion.
The company noted that its GE Capital unit doubled its profits
from last year to $1.66 billion. GE's lending arm was hit hard by
the banking crisis of a few years ago and subsequent recession, but
has been selling off assets and now sees an uptick in commercial
General Electric shares rose 34 cents, or +1.8%, in premarket
The Bottom Line
Shares of General Electric (
) have a 3.13% dividend yield, based on last night's closing stock
price of $19.16. The stock has technical support in the $17-$18
price area. If the shares can firm up, we see overhead resistance
around the $21-$22 price levels. This former recommendation is on
our radar for a possible re-addition to our
"best dividend stocks"
General Electric Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
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