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G.E. Meets, Doesn't Beat

Overseas sales boost G.E.'s third-quarter profit.
Industry:
Conglomerates
Summary:
A technology, media & financial services company, with products & services ranging from aircraft engines, power generation, …
Primary executive:
Jeffrey R. Immelt,
Jeffrey R. Immelt
Industry:
Conglomerates
Biography:
Mr. Immelt joined GE in corporate marketing in 1982 after receiving a degree in applied mathematics from Dartmouth College …
General Electric reported results in line with expectations for its third quarter, and it narrowed its forecast for the full year.

G.E.'s earnings from continuing operations rose 7 percent to $5.1 billion, or 50 cents a share, on the strength of its transportation and energy businesses. Analysts had been expecting it to report 50 cents a share in profit.

Revenue rose 12 percent to $42.5 billion. The company expects its full-year 2007 earnings to be between $2.19 and $2.22 a share, narrowed slightly from its previous guidance of $2.18 to $2.23 a share.

Total orders rose 20 percent during the period, while orders for major equipment were up 39 percent. Major equipment includes items such as locomotives, airplane engines, and turbines. The company's performance was driven by increased demand from overseas markets such as China and the Middle East. Profit at its NBC Universal unit grew by 9 percent, which marked its fourth straight quarter of growth.

"G.E. delivered a solid quarter in spite of extreme volatility in the financial services market and some one-time items in our industrial businesses,” G.E. chief executive Jeffrey Immelt said in a statement.

Shares of General Electric fell by more than 2 percent after the company announced its results, as some investors were displeased that it did not exceed expectations.

 
 

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