Boston, MA 01/28/2014 (wallstreetpr) – USA-based globally diversified business conglomerate General Electric Company (NYSE:GE), riding on its earlier strong revenue forecasts for its fiscal year 2014 despite a dismal third quarter, saw some fruition in its recent fourth quarter with overall profits soaring by around 4.8% from a year earlier and 3% compared to the preceding quarter. Furthermore, the leader is confident that its positive backlog of orders will usher in strong top line results for its fiscal 2014, offsetting its recent disappointments.
GE’s 4Q Financial Earnings Report Details
General Electric Company (NYSE:GE) registered net earnings of about $4.2 billion in its recently ended fourth quarter, against the $4.01 billion seen a year ago. Excluding special items, the leader’s earnings per share stood at $0.53 a share, falling in line with analyst expectations. Overall revenue for the quarter of approximately $40.4 billion went up by about 3.1% from a year earlier, with considerable contributions from GE’s industrial businesses aggregating approximately $29.95 billion in revenue, riding on an 8% growth in orders in the U.S. and Europe following close suit with a 3% rise.
GE’s FY2014 Picture and Outlook
General Electric Company (NYSE:GE)’s current backlog for orders on its versatile product line ranging from jet engines to locomotives to wind turbines to oil pumps has soared over 12% from a year prior, with order volumes growing 18% in U.S. and 17% each in Europe and China. With earnings marking improvements at six of GE’s seven industrial business wings, its prime focus as also shareholder favorites, the company professes it will be able to achieve the coveted goals to improve its profitability in fiscal 2014.
Over years of internal restructuring, one of the world’s vintage and most diversified business syndicates has shifted focus to augmenting its industrial business. With General Electric Company (NYSE:GE) already recently accomplishing its cost-cutting goals amounting to about $1 billion in its various business units, GE has reiterated that it can meet its fiscal 2014 projections of 4% to 7% growth. GE stocks rose to $25.07 in their January 27 trade from their previous $24.95 with after-hours figures hovering around the closing number.
