General Electric Q2 Profit Rises 21%; GE Capital Recovering (GE)

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Diversified conglomerate General Electric Company ( GE ) on Friday said its second quarter earnings rose 21% from last year, aided by a recovery in its GE Capital unit, beating analyst estimates.

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 lending.

General Electric shares rose 34 cents, or +1.8%, in premarket trading Friday.

The Bottom Line
Shares of General Electric ( GE ) 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" list.

General Electric Company ( GE ) is not recommended at this time, holding a 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: GE

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