UPDATE: General Electric Posts In-Line Q2 Profit
General Electric Co (NYSE: GE) reported a 13% gain in its second-quarter net income.
GE's quarterly net income surged to $3.55 billion, or $0.35 per share, from a year-ago profit of $3.13 billion, or $0.30 per share. Its quarterly operating earnings rose 7% to $3.9 billion, or $0.39 per share, up from $3.7 billion, or $0.36 per share.
Its revenue rose 3% to $36.2 billion from $35.1 billion. However, analysts were projecting operating earnings of $0.39 per share on revenue of $36.30 billion.
Industrial segment revenue climbed 7%, while services revenue rose 5%. Year-to-date, cash generated from GE operating activities was $3.4 billion, while cash generated from industrial operating activities was $2.0 billion.
The company also reported that it is targeting the IPO of its North American Retail Finance business for the end of July.
GE Chairman and CEO Jeff Immelt said, “GE had a good performance in the quarter and in the first half of 2014, with double-digit industrial segment profit growth, 30 basis points of margin expansion, and nearly $6 billion returned to shareholders.”
GE shares gained 0.98% to $26.87 in pre-market trading.
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