GE earned 21 cents a share, compared to analysts' estimates of earnings of 17 cents a share

For the recent period, the conglomerate /quotes/comstock/13*!ge/quotes/nls/ge (GE 19.89, +0.39, +2.00%) said earnings fell 32% to $1.87 billion, or 17 cents a share, as revenue fell 5% to $36.61 billion.

From continuing operations, the industrial bellwether said it earned 21 cents a share, compared to FactSet-compiled estimates of earnings of 17 cents a share on revenue of $37.3 billion.

GE, a component of the Dow Jones Industrial Average, said it may evaluate additional restructuring that will improve earnings power going forward.

"We saw encouraging economic signs, including increases in airline passenger miles and freight loadings, declines in receivables delinquencies, and growth in local advertising markets," said Chairman and CEO Jeff Immelt in a statement. He expects earnings and dividends to grow in 2011 and beyond.

GE's stock has climbed more than 66% in the last year after reaching a near 20-year low last March following the credit crisis.

In the first quarter, GE said its financial arm, GE Capital, saw its profit drop 41% to $607 million as revenue fell 10%. Immelt said he was "very encouraged" by the performance as losses and delinquencies declined.