General Electric Company (NYSE:GE) early Friday posted mixed fourth results, as profit matched expectations but revenue fell short of estimates.
The Boston-based digital industrial giant reported Q4 EPS of $0.46, which was in-line with the Wall Street consensus estimate of $0.46. Revenues fell 2.4% from last year to $33.09 billion, missing analysts’ view for $33.67 billion.
GE noted its backlog of orders grew 2% year-over-year to $321 billion in the latest period. Orders themselves rose 4%.
General Electric has been undergoing a facelift of sorts in recent years, selling off several business units and streamlining its operations. It’s been a bit of a rocky road along the way, but the company appears in better shape now as it continues to focus on core businesses like aircraft engines, power generation, medical imaging, and other industrial and technological innovations.
The company commented via press release:
We executed on our 2016 goals and continued to drive growth across our businesses through the GE Store while investing in additive manufacturing and digital technology. We delivered $1.49* of earnings per share this year and 1%*-a) of organic growth. We reported $32.6 billion* of free cash flow and dispositions and returned $30.5 billion to shareowners through dividends and buyback. We will continue to invest in the Industrial Internet to lead in productivity and performance for our customers in 2017.
General Electric Company shares rose $0.79 (+2.53%) in premarket trading Friday. Prior to today’s report, GE had declined -1.23% year-to-date, versus a 1.06% rise in the benchmark S&P 500 index during the same period.