Apr 17, 2015 6:53 AM
GE reports 1Q loss
The Associated Press
FAIRFIELD, Conn. (AP) General Electric Co. (GE) on Friday reported a first-quarter loss of $13.57 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the Fairfield, Connecticut-based company said it had a loss of $1.35. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 31 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The industrial conglomerate posted revenue of $29.36 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $34.42 billion.
GE shares have risen 8 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 2 percent. The stock has risen slightly more than 4 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on GE at http://www.zacks.com/ap/GE
Keywords: General Electric, Earnings Report, Priority Earnings