General Electric earnings for the first quarter of the year have GE stock heading higher on Tuesday.
General Electric (NYSE:GE) reported earnings per share of 14 cents for the first quarter of 2019. This is down from the company’s earnings per share of 16 cents from the same time last year. However, it was still good news for GE stock by beating out Wall Street’s earnings per share estimate of 9 cents for the period.
The General Electric earnings report for the first quarter of the year also includes net income of $3.65 billion. That’s better than the company’s net loss of $1.11 billion reported in the first quarter of 2018.
Revenue reported in the General Electric earnings release for the first quarter of 2019 comes in at $27.29 billion. This is a drop from the company’s revenue of $27.29 billion reported in the same period of the year prior. Despite the drop, it was still a positive for GE stock by coming in above analysts’ revenue estimate of $27.05 billion for the quarter.
“I am encouraged by the improvements we are making inside GE,” H. Lawrence Culp, Jr., Chairman and CEO of the company, said in the General Electric earnings report. “This is one quarter in what will be a multi-year transformation, and 2019 remains a reset year for us.”
General Electric also notes that it ins’t making any updates to its guidance for 2019, despite the earnings beat for the first quarter of the year.
GE stock was up 3% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
