General Electric shares soar after profit rebound
General Electric shares jumped more than 14 percent after the company reported a profit for the fourth quarter, bouncing back from a loss in the year ago period.
The stock is on course for its biggest one-day percentage gain since March 10, 2009, when it rose 20%.
Revenue rose 5 percent to $33.28 billion, topping the Wall Street estimate of $32.6 billion.
The industrial conglomerate is recovering from the $23 billion charge it took three months ago as it began restructuring under a new chief executive Larry Culp Jr.
"2019 still very much work in progress but the company is becoming stronger," Culp said in a conference call Thursday.
He added that he expected the company's industrial revenues to rise this year, with gains in most units and declines in power.
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The company also reached a $1.5 billion settlement with the Department of Justice over its probe into GE's WMC Mortgage, the subprime lender that was shut down 10 years ago.
On a per share basis, GE reported profit from continuing operation of 8 cents, compared with a loss of $1.29 cents per share a year ago. On an adjusted basis, GE earned 17 cents per share, which fell short of the 22 cents estimate.
GE has lost $200 billion in market value in the past two years and was removed from the Dow Jones Industrial Average last year.