GE Reports Earnings (NYSE:GE)

From AP:

"GE's earnings beat Wall Street forecasts but revenue came in below expectations and its shares slipped 9 cents to $19.41 in in premarket trading.

The company said losses were moderating within GE Capital, The unit's profit fell 41 percent due to downsizing and a lower tax credit. Chief executive Jeffrey Immelt was optimistic, saying there were positive signs in major sectors like transportation and advertising.

"We saw encouraging economic signs," Immelt said.

GE, which is based in Fairfield, Conn., said it earned $1.87 billion, or 17 cents per share, after deducting preferred dividends in the January-March period, down from $2.75 billion, or 26 cents per share, a year ago. Revenue fell 5 percent to $36.6 billion from $38.4 billion a year ago.

Excluding $390 million in losses from one-time items, GE's earnings from continuing operations were $2.4 billion, or 21 cents a share. Analysts polled by Thomson Reuters expected profit of 16 cents a share on higher revenue of $37.1 billion.

GE is considered an indicator of the well-being of the broader economy. It makes industrial products ranging from light bulbs to wind turbines, and is a big lender to businesses and consumers."