Despite first-quarter earnings that beat analysts’ projections, stock in General Electric Co. was down about 4 percent at noon April 19 as CEO Jeffrey Immelt warned of worse-than-expected conditions in Europe.
The Fairfield-based industrial conglomerate reported operating earnings rose $4.1 billion, or 39 cents per share, increasing 15 percent on a per-share basis compared with the first quarter of 2012. Analysts’ had called for earnings of 35 cents per share.
Immelt said in an April 19 statement that the company’s first-quarter performances in the U.S. and growth markets “were in line with expectations.”
However, he said, “We planned for a continued challenging environment in Europe, but conditions weakened further with industrial segment revenues in the region down 17 percent.”
GE’s first-quarter revenues were $35 billion, unchanged from a year prior, while overall industrial sales fell about 6 percent to $22.3 billion from the first quarter of 2012.
Earnings at GE’s financial services unit, GE Capital, increased 9 percent compared with the first quarter of 2012. GE Capital is headquartered in Stamford.
