GE earnings rise on emerging markets
NEW YORK – General Electric Co. has been re-energized.
Performance at all of the conglomerate’s industrial segments is improving thanks to cost cutting, a shift in strategy and growth in emerging markets.
GE, based in Fairfield, Conn., reported an operating profit per share of 44 cents, a penny higher than analysts polled by FactSet expected. Perhaps more importantly for shareholders, GE’s revenue rose 4 percent to $39.3 billion and beat Wall Street expectations. Shares rose 3 percent by midday.
CEO Jeff Immelt said the outlook for developed markets remained uncertain. But China and other emerging markets, along with regions that are exploiting natural resources, are growing.
Immelt has been reshaping GE, focusing on its more traditional operations, such as making complex industrial equipment and providing services to companies.