GE Q4 profit up 36%, sales slow; affirms 2017 forecast

Total revenue fell 2.4 to $33.1 billion, said the Boston-based maker

General Electric Co reported a 36 per cent jump in quarterly profit on Friday, helped by strength in its power and renewable energy businesses, and affirmed its growth and profit forecasts for 2017.

The Boston-based maker of power plants, aircraft engines, locomotives and medical equipment said total revenue fell 2.4 per cent to $33.1 billion.

Earnings from continuing operations attributable to GE shareholders rose to $3.48 billion in the fourth quarter ended Dec 31, from $2.57 billion a year earlier.

Earnings per share from continuing operations rose to 39 cents from 26 cents, the company said.

Adjusted earnings, however, fell 2 percent to 46 cents a share, matching the average of analyst estimates, according to Thomson Reuters.

 

GE said in December it expected organic growth of 3 per cent to 5 per cent this year, figures it affirmed on Friday.

GE shares were down 0.7 per cent at $31 in premarket trading.