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Oct 15, 2010, 05.48 PM IST
General Electric Co reported a 28.8% rise in quarterly profit from continuing operations, as lower credit losses at its finance arm offset slack demand for heavy equipment including jet engines and railroad locomotives.
The largest US conglomerate's profit from continuing operations -- which factors out its pruning of its finance arm — came to USD 3.16 billion, or 29 cents a share, up 28.8% from USD 2.54 billion, or 22 cents a share, a year earlier. Net income, including USD 1.1 billion in losses related to GE Capital portfolio restructuring, fell 18%. Revenue fell 5.1%. The results marked GE's second consecutive quarter of earnings growth after a nine-quarter streak of declines. GE shares have risen about 14% so far this year, outpacing the 6% rise of the Dow Jones industrial average, of which it is a component.
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