RTTNews | Jan 25, 2022 11:12AM EST

11:12 Tuesday, January 25, 2022 (RTTNews.com) - Shares of industrial conglomerate General Electric Co. (GE) are down 6 percent on Tuesday's trading after the company reported fourth-quarter net loss, compared to a profit last year. The company also projected fiscal 2022 adjusted earnings below the Street estimates.

GE reported a net loss attributable to common shareowners for the quarter of $3.90 billion or $3.55 per share, compared to net income of $2.44 billion or $2.20 per share in the prior-year quarter.

Excluding items, adjusted earnings per share for the quarter were $0.92, compared to last year's $0.49. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the quarter.

Consolidated revenues for the quarter declined 3 percent to $20.30 billion from $21.03 billion in the same quarter last year. Analysts expected revenues of $21.48 billion for the quarter.

Looking ahead to fiscal 2022, the company currently projects adjusted earnings in a range of $2.80 to $3.50 per share on organic revenue growth in the high-single-digit range. The Street is currently looking for earnings of $4.01 per share on revenue growth of 5.7 percent to $79.45 billion for the year.

Currently at $90.58, the stock has traded between $85.12 and $116.17 during the past 52 weeks.

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