FAIRFIELD, Conn. (AP) — General Electric Co. (GE) on Friday reported third-quarter net income of $3.54 billion.
The Fairfield, Connecticut-based company said it had profit of 35 cents per share. Earnings, adjusted for one-time gains and costs, were 38 cents per share.
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The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The industrial conglomerate posted revenue of $36.17 billion in the period, which did not meet Street forecasts. Analysts expected $36.99 billion, according to Zacks.
GE shares have dropped 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 1 percent. The stock has dropped slightly in the last 12 months.