For the second quarter, General Electric Company (NYSE:GE) saw a rise in net income.
Earnings and Revenue The company fell short of estimates with EPS of 34 cents a share and revenues of $36.5 billion. Analysts were expecting EPS of 37 cents a share and revenues of $36.8 billion.
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The company's net income for the quarter rose 6.3% to $4 billion. Revenue climbed 2.5% from $35.63 billion in the same period last year.
Company Fundamental Trends Last quarter's profit boost ends a two-quarter streak of year-over-year profit decreases.
History Against Expectations The company missed forecasts after topping estimates in the previous two quarters. In the first quarter, it topped the mark by one cent, and in the fourth quarter of the last fiscal year, it was ahead by one cent.
Official Comment: "Today's results demonstrate that we are executing on our growth strategy in the midst of a still volatile global economy," said GE Chairman and CEO Jeff Immelt. "GE Capital's strong operating performance and capital position allowed it to return a $3 billion dividend to the parent, and our Industrial segmentsdelivered another quarter of double-digit organic revenue growth. Our strategy to invest in growth markets is paying off, as we achieved orders expansion in growth markets of 14% and revenue growth of 17%. We ended the quarter with a record backlog."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.