General Electric booked a stronger-than-expected fourth-quarter profit, propelled by its new shift into oil and gas equipment. Improved earnings at its financial business also helped.

GE ended the quarter with a hefty backlog of orders—reaching a $210 billion, up from $203 billion a quarter earlier. The backlog serves as a measure of a feature of growth.

Uncertainty in Europe and America has led some to wonder whether GE, the largest U.S. conglomerate, would see marked drop in orders. “The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries,” CEO Jeff Immelt says.

Net income was $4 billion, 38 cents a share, up from $3.7 billion, 35 cents a share, a year ago. Excluding one-time items, GE made 44 cents a share. This beat analysts’ expectations by a penny.

Shares of GE rose 3.8% in pre-market trading to $21.30. The conglomerate, which makes everything from jet engines to kitchen appliances, competes with companies like 3M, Boeing, United Technologies and Dow Chemical.

Revenue in the industrial business, which includes the now key energy unit, as well as aviation, climbed 3.9% to $2.1 billion. Profit increased 12% to $4.9 billion.

GE Capital sales increased 1.7% to $11.8 billion. Profit there rose 8.9% to $1.8 billion, as GE decreases the size of its financial arm.

Revenue rose 3.6% to $39.33 billion. Analysts expected revenue of $38.8 billion.