General Electric closes 2012 well, exceeding estimates with the eleventh consecutive growth in operating profit. The results reflect improved margins and increased sales, primarily of equipment in the oil and gas production sector.
Looking at the fourth quarter numbers, net income was $4,01 billion, 38 cents a share, up 7,5% from $3,7 billion, 35 cents a share in the same period in the fourth quarter. 'Last year.
On an operating basis, profits were $4,7 billion, 44 cents a share, up 13% from 2011.
Revenue rose 4% to $39,3 billion, with industrial sales rising 2% to $27,3 billion.
Analysts were expecting operating profit of 43 cents a share on revenue of $39,33 billion.
For full 2012, net income was $13,6 billion, $1,29 per share, down from $14,2 billion, $1,23 per share, in 2011. However, operating profits were grew 8% to $16,1 billion, $1,52 per share.
Revenue for the year was essentially unchanged at $147,4 billion (up 3% excluding $3,7 billion in pre-tax earnings from the 2011 sale of NBC Universal). Industrial sales rose 6% to $100,9 billion for the year.
“We ended the year with a good quarter despite the alternating current global economic environment.
The outlook for developed markets remains uncertain, but China is growing, as are the resources of rich countries", said CEO Jeffrey Immelt, underlining that "thanks to a significant amount of cash generated (17,8 billion dollars in 2012, up 48% from the previous year), the company starts 2013 with great momentum”.
