(Bloomberg) -- General Electric Co. beat analysts’ estimates for fourth-quarter earnings, buoyed by rising sales in the power division as the company made strides at transforming itself into a digitally focused industrial manufacturer.
Adjusted profit was 52 cents a share, GE said in a statement Friday. Analysts expected 49 cents a share, according to the average of 13 estimates compiled by Bloomberg. Sales of $33.8 billion fell short of the $35.9 billion expected by analysts.
The results put more substance behind Chief Executive Officer Jeffrey Immelt’s plan to reshape GE around industrial manufacturing and data analytics while shedding finance and consumer-focused operations. The company closed the acquisition of Alstom SA’s power business in the quarter as GE deepened its bet on energy markets.
GE plans to relocate to Boston, ending a four-decade stint in Fairfield, Connecticut, a decision announced last week that’s intended to help streamline corporate headquarters and improve the company’s ability to recruit software engineers.
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