NEW YORK (CNNfn) - General Electric Co. on Tuesday said it sees its first-quarter profit outpacing Wall Street estimates, driven by growth in order rates, and healthy operations around the world.|
Shares of the $111 billion conglomerate, whose interests range from TV broadcasting to jet engines to financing, rose 5-1/4, or about 3.7 percent to 146-3/16 in early afternoon trade. A Dow Jones Industrial Average component, GE's gains contributed to the closely watched index's 114 point rise on Tuesday afternoon.
In a brief press release, GE (GE: Research, Estimates) said it is enjoying robust momentum so far this year, thanks to strong economies and increasing acceptance of GE products and services "across most of their businesses in all regions of the world." Fairfield, Conn.-based GE said its order rates are running about 20 percent ahead of 1999 levels.
"Given the current outlook, we expect to modestly exceed the first quarter consensus estimate of $0.75 per share," GE's Chief Financial Officer Keith Sherin stated. The company reported a profit of 65 cents a share in the same period one year ago.