GE 2Q Profit Rises 16% As Woes Ease At Finance Unit |
| Wall Street Journal - Jul 16, 2010 |
General Electric Co.'s (GE) second-quarter earnings rose 16%, buoyed primarily by stronger performance at its GE Capital financial unit.
The results marked the Fairfield, Conn., conglomerate's first profit growth in nine quarters, or since the financial crisis began.
GE reported earnings of $3.11 billion, or 28 cents a share, up from $2.69 billion, or 25 cents a share, a year earlier. Earnings from continuing operations climbed to 30 cents a share - surpassing Wall Street's consensus forecast of 27 cents a share - from 26 cents share a year earlier.
But revenue slipped 4.3% to $37.44 billion and came in short of analysts' consensus $38.37 billion view. GE blamed the trend on downsizing at GE Capital as well as lower industrial equipment sales and dispositions of some industrial assets.
Combined sales and profit at the company's big industrial businesses - which it has been counting on for future growth as it works to shrink GE Capital - fell 6% and 2%, respectively.
Still, Chief Financial Officer Keith Sherin noted that the declines had been forecast and were within GE's expectations, and the company described the economy as improving overall.
Read Full Article from Wall Street Journal
- Posted: 2010-07-16 10:12:55
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