General Electric (NYSE: GE ) just reported results for the fourth quarter of 2013. It managed to meet or beat analyst estimates on both the top and bottom lines, but it wasn't enough to impress investors. Shares dropped as much as 2.9% in early trading, taking the sheen off a market-beating 10% run-up over the last three months.
GE reported $40.4 billion in fourth-quarter revenues, a 3% improvement over the year-ago period. The oil and gas and aviation segments saw 17% and 13% higher sales, respectively, while health care and the vast GE Capital division saw lower numbers.
On the bottom line, GE's $0.53 in non-GAAP operating earnings per share was a 20% year-over-year improvement that matched analyst expectations. The largest increase here came from GE Capital, which reaped 38% higher profits from spinning off a couple of consumer-oriented operations.
Based on these results, CEO Jeff Immelt reiterated his existing guidance in broad strokes. GE expects to deliver organic sales growth between 4% and 7% in 2014, supported by a $244 billion order backlog. That target looks "achievable" to Immelt. The company does not provide quarter-by-quarter guidance.