Stock Alert: General Electric Co. (GE) Shares Soar 10% On Earnings

(RTTNews) - Shares of General Electric Co. (GE) touched a 52-week high of $13.00 on January 29, and closed Wednesday's trading session at $12.94, up $1.21 or 10.32%. Trading volume surged to 219 million versus an average volume of 60 million shares.

Q4 Results

The company's Q4 net income from continuing operations was $663 million or $0.08 per share compared to $509 million or $0.06 per share in the prior year period.

Adjusted net income was $1.85 billion or $0.21 per share, higher than the previous year's income of $1.23 billion or $0.14 per share.

Analysts polled by Thomson Reuters expected earnings of $0.18 per share for the quarter. Analysts' estimate typically exclude certain special items.

Total revenues declined to $26.2 billion from $26.5 billion generated a year ago.

GE Chairman and CEO Lawrence Culp, Jr. said, "The fourth quarter marked a strong close to the year for GE. We met or exceeded our full-year financial targets and are on a positive trajectory for 2020. We're proud of our progress in 2019, including decisive actions to reduce our leverage and strengthen our businesses."

FY 2020 Guidance

For fiscal year 2020, the company projects adjusted earnings per share in the range of $0.50 - $0.60. Analysts expect annual earnings of $0.66 per share, and GE Industrial revenues to grow organically in the low-single-digit range.