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Many companies have been boosting dividends, looking to give cash back to shareholders as the need to hoard it wanes amid an improved economy.
GE shares were up 2.7% to $20.95 in recent premarket activity. The stock has risen 12% year-to-date through Wednesday, with GE's strong first-quarter results following a fourth-quarter report in January that showed substantial evidence of a turnaround.
"GE has emerged from the recession a stronger, more competitive company," Chief Executive Jeff Immelt said in a prepared statement Thursday. "The GE business model will continue to deliver earnings growth for shareowners in 2011 and beyond."
He reiterated confidence that the Fairfield, Conn., company will achieve goals laid out in its 2011 financial framework, which among other things calls for about 5% revenue growth in GE's industrial businesses. GE has been relying on its industrial units to fuel its long-term prospects as it moves to shrink GE Capital, which once accounted for half the conglomerate's profit but became an albatross amid the financial crisis.
GE ended the first quarter with a $177 billion backlog of orders for big-ticket equipment and services, a company record and an increase from $175 billion at the end of the fourth quarter.
New equipment and services orders totaled $19 billion, up from $17.1 billion in the year-ago period but down from $24.8 billion in the fourth quarter.
GE reported a first-quarter profit of $3.43 billion, or 31 cents a share, up from $1.95 billion, or 17 cents a share, a year earlier. The company's operating earnings, which exclude discontinued operations and other items such as nonoperating pension costs, rose to 33 cents from 20 cents. Revenue rose 6.2% to $38.45 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of 28 cents on $34.64 billion in revenue.
Costs declined 7.1%.
GE Capital, the company's biggest segment by revenue, saw its top line rise 3.3% while profit more than tripled. GE's energy infrastructure and aviation arms saw their revenue rise 9.2% and 4.9%, respectively.
The energy infrastructure unit was GE's only major segment to show a year-over-year profit decline, with earnings off 7%
-Nathan Becker contributed to this article.
http://online.wsj.com/article/SB100...76564256544634.html?mod=WSJ_hp_LEFTTopStories
GE shares were up 2.7% to $20.95 in recent premarket activity. The stock has risen 12% year-to-date through Wednesday, with GE's strong first-quarter results following a fourth-quarter report in January that showed substantial evidence of a turnaround.
"GE has emerged from the recession a stronger, more competitive company," Chief Executive Jeff Immelt said in a prepared statement Thursday. "The GE business model will continue to deliver earnings growth for shareowners in 2011 and beyond."
He reiterated confidence that the Fairfield, Conn., company will achieve goals laid out in its 2011 financial framework, which among other things calls for about 5% revenue growth in GE's industrial businesses. GE has been relying on its industrial units to fuel its long-term prospects as it moves to shrink GE Capital, which once accounted for half the conglomerate's profit but became an albatross amid the financial crisis.
GE ended the first quarter with a $177 billion backlog of orders for big-ticket equipment and services, a company record and an increase from $175 billion at the end of the fourth quarter.
New equipment and services orders totaled $19 billion, up from $17.1 billion in the year-ago period but down from $24.8 billion in the fourth quarter.
GE reported a first-quarter profit of $3.43 billion, or 31 cents a share, up from $1.95 billion, or 17 cents a share, a year earlier. The company's operating earnings, which exclude discontinued operations and other items such as nonoperating pension costs, rose to 33 cents from 20 cents. Revenue rose 6.2% to $38.45 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of 28 cents on $34.64 billion in revenue.
Costs declined 7.1%.
GE Capital, the company's biggest segment by revenue, saw its top line rise 3.3% while profit more than tripled. GE's energy infrastructure and aviation arms saw their revenue rise 9.2% and 4.9%, respectively.
The energy infrastructure unit was GE's only major segment to show a year-over-year profit decline, with earnings off 7%
-Nathan Becker contributed to this article.
http://online.wsj.com/article/SB100...76564256544634.html?mod=WSJ_hp_LEFTTopStories
