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General Electric Q1 Profit Falls 32%; Adjusted Net Beats View (GE)
Multinational conglomerate General Electric Company ( GE ) said Friday that its first quarter profit fell 32% from last year, but noted it saw "encouraging" economic signs during the period.
The Fairfield, CN-based company reported first quarter net income of compared with $2.75 billion, or 26 cents per share, in the year-ago period. Excluding one-time items, earnings from continuing operations were 21 cents per share.
Revenue fell 5% from last year, to $36.6 billion.
On average, Wall Street analysts expected a smaller profit of 16 cents per share, albeit on higher revenue of $37.1 billion.
GE shares were mostly flat in premarket trading Friday.
The Bottom Line
We have been recommending shares of GE since Sept.16, when the stock was trading at $16. The company has a 2.05% dividend yield, based on last night's closing stock price of $19.50.
General Electric Company ( GE ) is a "recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.