NEW YORK: General Electric reported lower earnings but higher industrial profits, thanks to gains in its two largest industrial segments.
GE’s net income dipped 15 percent from the year-ago level to $3bn. Last year’s results included a gain from the sale of a GE stake in NBCUniversal. But GE’s industrial sales rose from last year and the company grew profits in its two largest segments, aviation (up 19.1 percent) and power and water (up 23.5 percent).
Results in the other industrial segments were mixed. GE scored higher profits in oil and gas, but income fell in energy management, health care, transportation and appliances and lighting.
Overall, industrial profits grew 11.7 percent to $3.3bn.
GE’s results translated into operating earnings-per-share of 33 cents, a penny above analyst estimates. AFP
