GE Q4 Profit Down; Sees 2020 Profit Below View

(RTTNews) - General Electric Co. (GE) reported that its fourth-quarter net earnings attributable to common shareholders decreased to $538 million or $0.06 per share from $574 million or $0.07 per share in the previous year.

GE Chairman and CEO H. Lawrence Culp, Jr. said, "The fourth quarter marked a strong close to the year for GE. We met or exceeded our full-year financial targets and are on a positive trajectory for 2020."

Adjusted earnings per share for the fourth-quarter were $0.21 compared to $0.14 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue for the quarter decreased 1.0% to $26.24 billion from $26.50 billion in the previous year. Analysts expected revenues of $25.57 billion for the quarter.

For fiscal year 2020, the company projects adjusted earnings per share to be in the range of $0.50 to $0.60. Analysts expect annual earnings of $0.66 per share.

In Wednesday pre-market trade, GE is currently trading at $12.41 up $0.67 or 5.71 percent.