BOSTON (AP) — General Electric’s fourth-quarter revenue missed Wall Street’s view, with continued softness in its oil and gas, transportation and lighting businesses. The industrial conglomerate’s adjusted profit met analysts’ estimates.
Chairman and CEO, Jeff Immelt, stated: “GE executed well in a slow growth and volatile environment. We see optimism in the United States, and here orders grew by 23%. In addition, Europe is strengthening and we see positive momentum. Meanwhile the resource sector and related markets continue to have headwind.”
For the three months ended Dec. 31, revenue declined to $33.09 billion from $33.89 billion. That’s below the $34.15 billion that analysts polled by Zacks Investment Research expected.
During the quarter, revenue for the oil and gas unit declined 22 percent. The energy connections and lighting division posted a 29 percent drop in revenue, while the transportation segment reported a 23 percent decline.
GE’s earnings from continuing operations and excluding preferred dividends was $3.49 billion, or 39 cents per share. A year earlier the Boston-based company earned $2.57 billion, or 26 cents per share.
Earnings, adjusted for one-time costs, were 46 cents per share. That matched what analysts surveyed by Zacks were calling for.
Shares of General Electric Co. fell 38 cents to $30.83 in Friday premarket trading.
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