GE’s second quarter sees higher net income, lower revenue


22 Jul 201169 Views

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A net income increase of 21pc came with a 3.5pc decrease in revenue for advanced technology, services and finance company General Electric Co in its second-quarter financial results.

GE’s earnings reached US$3.77bn, or 35 cents a share, from US$3.11bn, or 28 cents in the same period last year.

Revenue dipped to US$35.63bn from US$36.93bn, which may be a reflection of GE’s sale of a majority stake in its NBC Universal business to Comcast Corp.

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Profit was 34 cents per share when factoring out one-time items.

“With our fifth-consecutive quarter of double-digit earnings growth, we continue to execute in a volatile environment,” GE chairman and CEO Jeff Immelt said.

“We posted solid overall operating earnings growth of 18pc, with strong contributions from GE Capital, Healthcare, Transportation, Aviation, and Oil & Gas. GE’s backlog grew to a record high of US$189bn. Total infrastructure orders were up 24pc, reflecting robust strength in equipment orders, up 33pc, and service orders up 16pc.”