10:55 AM New York – GE first quarter net soared 14% but highlighted weak economic environment in Europe. Google net surged 16% and Honeywell net slid. Net income at IBM fell 1%. Microsoft third quarter net climbed 19% and Schlumberger first quarter net declined 3% to $1.3 billion.
General Electric Company
) declined 4% or 91 cents to $21.76 after the diversified company stated revenue in the first quarter ending in March were flat at $35 billion. Net earnings in the quarter soared 14% to $3.63 billion or 34 cents a diluted share compared to $3.23 billion or 29 cents.
During the quarter, GE sold its remaining 49% stake in the NBC Universal joint venture and related assets to Comcast for $18.1 billion.
GE added revenue from the power and water segment declined 26% to $4.83 billion but revenue from the aviation and transportation climbed 4% and 12% to $5.07 billion and $1.42 billion respectively.
The diversified conglomerate said revenue from the healthcare and oil and gas segments were flat at $4.29 billion and $3.40 billion respectively. Revenue from home & business solutions was also flat at $1.92 billion.
) climbed 2.5% or $19.35 to $785.27 after the information technology company reported revenue in the first quarter ending in March surged 31% to $13.97 billion. Net income in the quarter surged 16% to $3.34 billion or $9.94 a diluted share compared to $2.89 billion or $8.75.
The company added operating income in the quarter advanced 3% to $3.48 billion.
Honeywell International Inc.
) jumped 3% or $2.16 to $73.64 after the aerospace products maker reported sales in the first quarter ending in March nearly flat at $9.33 billion. Net income in the quarter decreased 1% to $966 million or $1.21 a diluted share compared to $823 million or $1.04.
Honeywell lifted its sales expectations for the year in the range of $38.8 billion to $39.3 billion and diluted earnings per share between $4.80 and $4.95.
) gained 3.7% or $3.75 to $105.11 after the household products maker stated net sales in the first quarter ending in March increased 2% to $5.32 billion. Net earnings in the quarter jumped 14% to $531 million or $1.36 a diluted share compared to $468 million or $1.18.
For the year the company expects adjusted earnings per share between $5.60 and $5.75, an increase of 7% to 10%.
International Business Machines Corporation
) plunged 7.1% or $14.86 to $192.24 after the technology company said total revenue in the first quarter ending in March fell 5% to $23.4 billion. Net earnings in the quarter decreased 1% to $3.03 billion or $2.70 a diluted share compared to $3.06 billion or $2.61.
The company said gross profit in the quarter dropped 4% to $10.7 billion.
IBM expects full year GAAP diluted earnings per share nearly $15.53.
) advanced 3.7% or $1.09 to $29.89 after the software company reported revenue in the third quarter ending in March climbed 18% to $20.49 billion. Net income in the quarter jumped 19% to $6.06 billion or 72 cents a diluted share compared to $5.11 billion or 60 cents.
) rose 1.8% or $1.48 to $82.73 after the beverage company stated net revenue in the first quarter ending in March slipped 1% to $12.9 billion. Net income in the quarter slumped 5% to $1.08 billion or 69 cents a diluted share compared to $1.13 billion or 71 cents.
The company affirms for the year earnings per share expects growth of 7% to nearly $4.10.
Philip Morris International Inc.
) gained 33 cents to $92.01 after the holding company reported net revenue in the first quarter ending in March grew 3% to $18.5 billion. Net income in the quarter decreased 2% to $2.13 billion or $1.28 a diluted share compared to $2.16 billion or $1.25.
The company added gross profit in the quarter advanced 2% to $5.10 billion.
For the year the Philip Morris expects diluted earnings per share in the range of $5.55 to $5.65
) slipped 13 cents to $70.87 after the exploration company stated net revenue in the first quarter ending in March jumped 8% to $10.67 billion. Net income in the quarter fell 3% to $1.26 billion or 94 cents a diluted share compared to $1.30 billion or 97 cents.