General Electric Co reported a 36% jump in fourth-quarter earnings yesterday, helped by strength in its power and renewable energy businesses, and it affirmed its growth and profit forecasts for 2017.
The Boston-based maker of power plants, aircraft engines, locomotives and medical equipment said revenue fell 2.4% to $33.1bn, slightly below Wall Street expectations of $33.6bn.
Net income from continuing operations attributable to GE shareholders rose to $3.48bn, or 39 cents a share, from $2.57bn, or 26 cents a share, a year earlier.
Excluding special items, earnings fell 2% to 46 cents a share, matching the analysts’ average estimate compiled by Thomson Reuters I/B/E/S.
GE said in December it expected revenue growth of 3% to 5% this year, excluding acquisitions, figures it affirmed yesterday.
In the company’s oil and gas operation, sales fell 22% to $3.4bn, and profit dropped 43% to $411mn, due to weakness in that sector.
Sales in the power plant business increased 20% to $8.5bn, or 6% excluding the benefits of its Alstom acquisition.
The division booked $11bn in orders during the quarter, up 16% from a year earlier, and profit rose 27%.
