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General Electric’s Profit Surges 77% (GE)
Multinational conglomerate General Electric Company ( GE ) on Thursday said its first quarter profit surged 76% from last year, and noted it would boost its dividend further in coming quarters.
The Fairfield, CT-based company reported first quarter net income of $3.43 billion, or 31 cents per share, compared with $1.95 billion, or 17 cents per share, in the year-ago period. Operating earnings were 33 cents per share, while revenue rose 6% to $38.45 billion.
On average, Wall Street analysts expected a smaller profit of 28 cents per share on much lower revenues of $34.76 billion.
GE also said its board of directors voted to raise the company's quarterly dividend by 1 cent, to 15 cents a share, effective in the third quarter of 2011.
General Electric shares rose 47 cents, or +2.3%, in premarket trading Thursday.
The Bottom Line
Shares of General Electric ( GE ) have a 2.75% dividend yield, based on last night's closing stock price of $20.40. The stock has technical support in the $19 price area. If the shares can firm up, we see overhead resistance around the $22 price level.
General Electric Company ( GE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.