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General Electric swings to loss in Q1

General Electric Co. said its first-quarter normalized net income was a loss of 30 cents per share, compared with the S&P Capital IQ consensus estimate of 30 cents per share.

The per-share result swung to a loss from the prior-year profit of 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.06 billion, compared with income of $1.97 billion in the prior-year period.

The normalized profit margin dropped to 4.4% from 6.5% in the year-earlier period.

Total revenue decreased year over year to $29.36 billion from $30.23 billion, and total operating expenses increased 26.5% from the prior-year period to $34.02 billion from $26.91 billion.

Reported net income came to a loss of $11.38 billion, or a loss of $1.13 per share, compared with income of $2.33 billion, or 23 cents per share, in the prior-year period.