General Electric (GE) reported weaker earnings and revenue for the first quarter, but the conglomerate’s bottom line still topped estimates amid strong results from its energy businesses.
The company said Thursday its net income fell 15% to $3 billion, or 30 cents a share, from $3.53 billion, or 34 cents a share, in the year-ago period.
Operating earnings checked in at 33 cents a share, down from 39 cents. Analysts forecasted a per-share profit of 32 cents.
Revenue slipped 2.2% to $34.18 billion, below estimates of $34.36 billion.
GE is reducing its exposure to finance arm GE Capital, choosing to strengthen its focus on industrial businesses like oil and gas instead. The company recently filed for an initial public offering of its North American retail finance business, which backs private-label credit cards.
Revenue generated by GE Capital dropped 8.3% to $10.52 billion in the latest period.
The industrial segment, which also includes jet engines, locomotives and energy infrastructure, booked an 8.3% increase in revenue to $24.55 billion. Infrastructure orders were flat at $23.7 billion.
“The environment was generally positive, and we executed on our operational priorities with strong organic growth, margin enhancement and solid cash generation,” GE chairman and CEO Jeff Immelt said in a statement. “The environment is consistent with our expectations, with a positive bias.”
GE shares rallied 1.8% to $26.60 in pre-market trading. The stock is down 6.8% so far this year.