GE's profit dragged by finance arm

General Electric Co. posted a first-quarter profit Friday that fell substantially from year-ago results, dragged down by weak earnings at its embattled finance division, but the results still beat Wall Street's expectations.

The conglomerate's net income fell 35% to $2.9 billion, or 26 cents per share. Analysts polled by Thomson Financial had forecasted earnings of 21 cents per share.

Revenue for the Fairfield, Conn.-based company fell 9% to $38.4 billion, which missed analysts' forecast of $39.8 billion.

GE's (GE, Fortune 500) shares rose 3% in premarket trading.

Read Full Article from CNNMoney.com

- Posted: 2009-04-17 07:51:19

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