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GE: 1Q Earnings Snapshot

Last Updated Apr 29, 2020 at 3:50 am PDT

BOSTON (AP) _ General Electric Co. (GE) on Wednesday reported first-quarter profit of $6.2 billion.

On a per-share basis, the Boston-based company said it had net income of 70 cents. Earnings, adjusted for non-recurring gains, were 5 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.

The industrial conglomerate posted revenue of $20.52 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $20.6 billion.

GE shares have declined 39% since the beginning of the year, while the Standard & Poor’s 500 index has dropped 11%. The stock has dropped 25% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GE at https://www.zacks.com/ap/GE

The Associated Press