Earnings: General Electric
BOSTON (Reuters) - Diversified conglomerate General Electric Co. (GE) Friday said second-quarter earnings rose 4 percent, driven by growth at all divisions except NBC Universal.
The company also said it was on track to meet its target for full year profit from continuing operations.
The company, whose operations range from jet engines to commercial lending, reported net income of $4.85 billion, or 47 cents per share, compared with $4.65 billion, or 44 cents per share, a year earlier.
Analysts had expected earnings of 47 cents per share, according to Reuters Estimates.
Net revenue was up 9 percent at $39.9 billion. Wall Street had forecast $39.41 billion.
Jeff Immelt, the Fairfield, Connecticut-based company's chairman and chief executive officer, in a statement said the company's orders were up 17 percent in the quarter.
The company expects its profit from continuing operations to be $1.94 to $2.02 per share, up 13 percent to 17 percent. Wall Street analysts expect full-year profits of $1.99 per share, according to Reuters Estimates.
In the second quarter, five of the company's six divisions posted double-digit percentage increases in profits, with commercial finance leading the pack with a 21 percent profit increase.
Profits at NBC Universal slipped 10 percent.
Rising energy costs and interest rates have raised concerns about a potential slowdown in the U.S. economy.
Although analysts have said the diversity of its operations could allow GE to weather a difficult environment, the company's stock has underperformed broad market averages of late.
At Thursday's close, the shares were off 6.8 percent for the year, compared with a 1.2 percent rise in the blue-chip Dow Jones industrial average , which includes GE.