GE hits the mark

[notiCIas]

GE hits the mark

Earnings, revenue both post double-digit rise; conglomerate edges full-year earnings guidance up.

July 15, 2005: 6:43 AM EDT

NEW YORK (CNN/Money) - General Electric posted sharply improved earnings and revenue that met Wall Street forecasts Friday and raised the lower end of its 2005 earnings target.

The conglomerate reported net income of $4.6 billion, or 44 cents a share, up from $3.9 billion, or 38 cents a share, a year earlier. That was in line with the forecasts of analysts surveyed by earnings tracker First Call.

The world's most valuable company, measured by stock market worth, said it is now looking at earning $1.80 to $1.83 a share in 2005, compared to its former guidance of $1.78 to $1.83. First Call's full-year forecast is $1.82

Revenue jumped 13 percent to $41.6 billion, which also met analysts' forecasts, according to First Call's survey.

GE's makes jet engines, power systems, appliances and medical equipment, and owns a huge financial services businesses as well as the NBC television network.