GE Notes Higher-than-Expected Profits for Q4
As per a recent report, profits for GE or General Electric for the fourth quarter have this time crossed its expectations. While a quarter earlier, the company received orders making profit of $203 billion, the same this quarter came with a heavy log jam and the profit touched $210 billion.
It is being said that the backlog always serves a best measure of a growth feature. The increase in profit is being deemed to be a result of its new move into oil and gas equipment. Also, to some extent, improved earnings realized at its financial business are being given credit.
The report finds that the net income for the Q4 this year was $4 billion, 38 cents per share, while the same was $3.7 billion a year back, 35 cents a share. If one-time things are not considered, 44 cents a share are made by GE, the largest U. S. conglomerate.
CEO Jeff Immelt affirmed that though the viewpoint regarding developed markets is uncertain, growth is being seen in China as well as the resource rich countries.
"We do like GE's strategic direction, execution appears to be improving, earnings are growing, and capital allocation is still sound. However we still question how much you should pay for it", said Steve Winoker, Sanford C. Bernstein analyst.
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