This morning, General Electric (NYSE: GE) posted second-quarter earnings that topped consensus estimates as profit climbed at its energy and finance units.
Earnings from continuing operations rose to $4.01 billion, or $0.38 per share, excluding some costs. That compared with $3.75 billion or $0.34 per share in the previous year. Revenue rose 2% to $36.5 billion, but that fell short of analysts’ estimates of $36.8 billion.
The company said GE Capital profit rose 31% to $2.12 billion, while energy division earnings gained 13%. GE Capital’s strong operating performance and capital position allowed it to return a $3 billion dividend to the parent.
“Today’s results demonstrate that we are executing on our growth strategy in the midst of a still volatile global economy,” said GE CEO Jeffrey Immelt.
Under the stewardship of Immelt, GE continues its efforts to boost industrial earnings and shrink the finance arm, which suffered about $32 billion of credit losses during the financial crisis.
The stock, which has traded between $14.02 and $21.00 over the past year, ended Thursday’s regular session at $19.80. Shares are up about 1% in premarket trading to $20.