Boston: General Electric Co reported earnings that topped Wall Street expectations, as it kept costs in line despite still-sluggish demand for electric turbines and other heavy equipment.
The largest US conglomerate said on Friday that fourth-quarter profit attributable to common shareholders fell 19% to $2.94 billion, or 28 cents per share, from $3.65 billion, or 35 cents per share, a year earlier.
Analysts on average expected profit of 26 cents per share, according to Thomson Reuters I/B/E/S.
Its revenue fell 10%.
The world’s biggest maker of jet engines and electricity-producing turbines has been hit hard by the worst economic downturn since the Great Depression and is working to scale back its hefty GE Capital finance arm, which has invested heavily in commercial real estate.
GE shares have risen 28% over the past year, trailing the 33% rise of the Dow Jones industrial average.