BOSTON — General Electric Co. today reported a first-quarter loss of $2.8 billion, after reporting a profit in the same period a year earlier.
The company said it had a loss of 33 cents per share. Earnings, adjusted to account for discontinued operations and non-recurring costs, were 3 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The industrial conglomerate posted revenue of $17.12 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $17.58 billion.
GE expects full-year earnings in the range of 15 cents to 25 cents per share.
GE shares have climbed 26% since the beginning of the year, while the S&P’s 500 index has risen 11%. The stock has more than doubled in the past 12 months.