By Alwyn Scott
(Reuters) - General Electric Co reported a 36 percent jump in fourth-quarter earnings on Friday and backed its 2017 forecasts, but its shares fell as low revenue in some segments raised concerns.
Analysts questioned whether slow revenue growth in the latest quarter could mean GE will miss the 2017 target of a 3 percent to 5 percent sales increase that it affirmed on Friday.
GE said revenue at its power plant unit was hit by failure to ship six gas turbines to Bahrain and Iraq that it expected to deliver in the quarter. Revenue in the unit still rose 20 percent, boosted by the Alstom business GE acquired last year.
Revenue in the company's oil-and-gas business, which sells products for exploration and production, fell 22 percent, but weak market conditions meant that decline was expected.
Noting GE's organic revenue, which excludes acquisitions, rose 4 percent in the fourth quarter, Chief Executive Officer Jeffrey Immelt said the 2017 target was achievable.
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"I feel pretty secure," he said on a conference call with analysts.
GE shares were down 2 percent at $30.57 in morning trading.
The Boston-based maker of power plants, aircraft engines, locomotives and medical equipment said total revenue fell 2.4 percent to $33.1 billion, slightly below Wall Street expectations of $33.6 billion.
Net income from continuing operations attributable to GE shareholders rose to $3.48 billion, or 39 cents a share, from $2.57 billion, or 26 cents a share, a year earlier.
Excluding special items, earnings fell 2 percent to 46 cents a share, matching the analysts' average estimate compiled by Thomson Reuters I/B/E/S.
Sales in the oil and gas business fell 22 percent to $3.4 billion, and profit dropped 43 percent to $411 million.
In the power plant business, sales increased 20 percent to $8.5 billion, or 6 percent excluding the benefits of the Alstom acquisition. The division booked $11 billion in orders during the quarter, up 16 percent from a year earlier, and profit rose 27 percent.
(Additional reporting by Ankit Ajmera in Bengaluru; Edited by Lisa Von Ahn)