General Electric Co. (NYSE:GE) released their fourth quarter earnings earlier today. Earnings fell by 18% in the fourth quarter as revenue saw a decline in part because the company sold its stake in the NBC network.
Revenue fell 8% to $37.97 billion and was below what analysts were expecting. GE earned $3.73 billion or $0.35 per share in the fourth quarter, compared to $4.54 billion or $0.42 per share in the same quarter a year ago. Besides the company’s sale of the NBC stake, slower growth in Europe and its continued effort to make GE Capital financing arm more efficient hurt its earnings results.
Excluding items, EPS came in at $0.39, beating analysts’ estimates of $0.38. Revenue was expected to be $40.05 billion though.
For 2012, GE is expecting to see double-digit growth in its industrial and capital areas. The company did say it expects to see continued economic volatility however.
GE shares are currently trading down 0.68% at $19.02. This is off its intraday low of $18.68. The stock is trading above average volume today with 52 million shares traded at midday, GE typically trades 63.8 million shares a day on average.