GE profit rises as finance, energy gains mute turbine drop
Industrial orders fell 1 percent in the quarter as demand for wind turbines plummeted 37 percent ahead of the scheduled expiration of a U.S. power-production tax credit later this year.
GE said it would divide its energy business into three separate units.
July 20, 2012
by Tim Catts
in Bloomberg News
General Electric Co. earnings climbed 7 percent in the second quarter as profit growth at the finance and energy units overcame a drop in wind-turbine orders.
Earnings from continuing operations rose to $4.01 billion, or 38 cents a share, Fairfield, Connecticut-based GE said today in a statement. Revenue climbed 2 percent to $36.5 billion, trailing analysts' estimates of $36.8 billion.
GE is benefiting from Chief Executive Officer Jeffrey Immelt's efforts to boost industrial earnings while shrinking the finance arm after about $32 billion of credit losses in the financial crisis. GE Capital profit rose to $2.12 billion, a 31 percent gain, as... [continue via Web link]