General Electric stock has soared, with the company up about 30 per cent this year, while its electric pressure washing and drying systems have also soared.
The shares jumped about 2.5 per cent to $32.07 on Tuesday on a session where investors bought about 1.3 million shares.
“General Electric is in the business of delivering high-quality service at a fair price,” said Chief Executive Officer Kevin McNamara in a statement.
“The results of the quarter were solid, and we’re looking forward to the future.”
The stock has been surging since its May 31 stock market debut, when the US-listed company reported earnings of $US3.7 billion ($5.5 billion).
The stock has gained more than 30 per a year since then.
The company’s new electric pressure ishers and dryers are also designed for low-pressure use, which means the pressure can be maintained in a range of temperatures and humidity.
It also allows the company to offer customers a range the use of its existing equipment, such as a washing machine and dryer, and is able to offer more advanced features, such a pressure monitoring system and smart door locks.
“We believe our pressure washing products are a key to helping customers live healthier lives and protect their property,” McNamara said.
“Our innovative and easy-to-use products enable our customers to achieve the benefits of energy efficiency, while also providing them with the convenience of our existing products.”
The company is also expanding its product range, with plans to introduce a range that includes a pressure washi-dryer in the second half of this year.
The new products have the potential to boost the company’s overall profit and stock value, as the stock has grown about 70 per cent since the beginning of the year.
General Electric shares were up almost 1 per cent on Tuesday to $33.37.
Investors also bought shares of the US chemical and plastics giant Dow Chemical.
The Dow stock was up 1.6 per cent at $42.37 after a rally in February.
Shares of the Dow Chemical were down 1.2 per cent after it reported earnings.
Topics:business-economics-and-finance,industry,energy-energy-and_utilities,corporate-governance,industries,energy,united-statesFirst posted April 03, 2019 07:37:48Contact Josh MacdonaldMore stories from Australia