UPDATE: General Electric Posts Higher Q4 Earnings

General Electric Co. GE reported a rise in its earnings for the fourth quarter. The Fairfield, Connecticut-based company posted quarterly earnings of $5.15 billion, or $0.51 per share, compared to $3.21 billion, or $0.32 per share, in the year-ago period. Its operating earnings came in at $0.56 per share in the quarter. Its revenue gained 4% to $42 billion. However, analysts were expecting operating earnings of $0.55 per share on revenue of $42.16 billion. Sales in the company's oil and gas unit declined 6% in the quarter, while sales in its power and water unit climbed 22%. Sales in the aviation division rose 4%, while revenue in GE Capital gained 4%. Its backlog gained around 7% y/y to $261 billion in the quarter. Jeff Immelt, Chairman and CEO, said, “GE ended the year with strong fourth-quarter industrial earnings and margin growth. The environment remains volatile, but we continue to see infrastructure growth opportunities. We are pleased with our execution in 2014: meeting our commitment to grow industrial segment profits 10%, industrial segment organic revenue growth of 7%, increasing operating margins 50 basis points, decreasing costs by $1.2 billion, reducing the size of GE Capital and returning $11 billion to shareowners.” GE shares rose 0.70% to $24.45 in pre-market trading.