GE - General Electric - Page 43
General Electric opens 3 new offices in Iraq
FAIRFIELD, Conn., Dec 09, 2011 (BUSINESS WIRE) -- The Board of Directors of General Electric Company GE +3.65% today raised the Company's quarterly dividend $0.02 from $0.15 per outstanding share of the Company's common stock to $0.17 per outstanding share of the Company's common stock. The Board declared that the dividend is payable January 25, 2012 to shareowners of record at the close of business on December 27, 2011. The ex-dividend date is December 22, 2011.
"We are pleased to increase GE's quarterly dividend for the fourth time in two years as our financial performance continues to accelerate," GE Chairman and CEO Jeff Immelt said. "Our balanced and disciplined capital allocation plan has enabled us to achieve important goals including increasing dividends, redeeming the preferred stock held by Berkshire Hathaway, redeploying our NBCU capital to high growth energy acquisitions and investing in organic growth platforms. We believe that the GE business model will continue to deliver strong earnings and cash flow growth going forward."
General Electric Profit Beats Forecasts, Revenue Misses
General Electric reported quarterly profit that beat analysts' expectations but its revenue missed, sending its shares lower in pre-market trading on Friday.
The industrials conglomerate [GE 19.15 0.13 (+0.68%) ] delivered fourth-quarter earnings excluding items of $4.1 billion, or 39 cents per share, up from 36 cents a share in the year-earlier period and compared with analysts' expectations of 38 cents per share.
Revenue of $38.0 billion for the quarter and $147.3 billion for the year disappointed analysts' expectations of $40 billion.
Quarterly earnings were down from $41.38 billion a year ago, but up 4 percent excluding the impact of the sale of NBC Universal.
General Electric is a minority shareholder in NBC Universal, CNBC's parent company.
After the announcement, shares of the company fell nearly 3 percent in pre-market trading.
"GE's portfolio demonstrated strength and resilience, delivering earnings growth for the seventh consecutive quarter while also generating substantial operating cash flow to support investment in our business and dividend growth," GE chairman and CEO Jeff Immelt said in a statement.
"We are confident in our 2012 framework to realize double-digit earnings growth in our Industrial and Capital segments, increase margins and provide dividend growth to our shareholders in line with earnings."
The Fairfield, Conn., industrial conglomerate, which makes everything from jet engines to light bulbs, earned $3.73 billion, or 35 cents per share, compared with $4.54 billion, or 42 cents per share a year earlier.
Revenue fell 8 percent to $37.97 billion. The decline was largely due to the company's sale of its majority stake in NBC Universal to Comcast[CMCSA 25.87 0.15 (+0.58%) ] last year. But GE also said it also saw slower growth in Europe, and its ongoing effort to make its GE Capital financing arm more efficient reduced revenue at the unit by 9 percent. GE Capital is the company's second-largest segment.
GE said infrastructure orders rose 15 percent in the quarter, leaving it with its biggest-ever order backlog of $200 billion.
For all of 2011, the company earned $14.15 billion, or $1.23 per share, up 22 percent compared with $11.64 billion, or $1.06 per share, in 2010.
It expects to post double-digit earnings growth this year over last in its industrial and capital segments, but it still expects to see continued economic volatility.
Edited by Cy McCaffrey - 1/20/12 at 8:57am
Co. reported an 18% drop in fourth-quarter earnings reflecting anemic profit growth at its big industrial businesses and its shedding of a majority stake in NBC Universal last year.
Revenue fell more than expected in the quarter, but Chief Executive Jeff Immelt said on an analysts' call that the Fairfield, Conn., conglomerate remained well positioned to deliver double-digit earnings' growth for its industrial and financial businesses in 2012 despite "challenged" conditions in Europe and a faltering performance by it health-care and home appliance units.
"It's a good quarter. It could have been better," said Mr. Immelt. "I like our momentum."
Profit at GE's industrial businesses, which it has been counting on to drive growth as it shrinks GE Capital, ticked up 1.5% in the fourth quarter. Its industrial margin—a worry spot for investors—continued to shrink on a year-over-year basis, coming in at 16.2% in the fourth quarter, compared to 17.6% a year earlier. GE said it aimed to lift industrial margins by a half a percentage point in 2012.
The company noted Friday that revenue was hurt as well by a negative impact from currency exchange rates as well "slower growth in Europe."
GE showing way too much relative strength given the current abroad market positioning.. A bounce would put that chart on the hot seat.. I might be looking for a long play here given some other charting related things on GE.... Calls are cheapppp, and most of the puts are being traded below the bid.. Looks like this is on the boards for starting new swing positions on a market bounce. I would go look for another stock to short imo..
General Electric Earnings Beat Wall Street Forecasts
The largest U.S. conglomerate said second-quarter net earnings attributable to common shareholders — which do account for discontinued operations — had fallen 15.8 percent to $3.11 billion, or 29 cents per share, from $3.69 billion, or 35 cents per share, a year earlier.
GE is the minority owner of NBC Universal, the parent of CNBC and CNBC.com.
Factoring out one-time items including charges related to its former U.S. subprime mortgage business and a Japanese consumer finance arm, the profit came to 38 cents per share, up from 34 cents a share in the year-earlier period.
Revenue rose to $36.5 billion, from $35.63 billion a year ago and lower than the $36.8 billion Wall Street had forecast.
GE shares have risen about 10.8 percent so far this year, outpacing the 5.7 percent rise of the Dow Jones industrial average, of which the stock is the sole remaining original component.