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GE ends long slump with 16% profit growth

GE ends long slump with 16% profit growth
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First Published: Fri, Jul 16 2010. 04 42 PM IST
Updated: Fri, Jul 16 2010. 04 42 PM IST
Boston: General Electric Co reported a 16.1% rise in second-quarter profit, ending a steak of nine straight quarters of declines, as strong demand for healthcare and oil and gas equipment boosted results.
But GE officials also warned they were seeing signs of shakiness in the US and European economies.
The largest US conglomerate said on Friday net earnings attributable to common shareholders came to $3.03 billion, up from $2.61 billion a year earlier.
The result, which worked out to 30 cents per share from continuing operations, topped Wall Street’s forecast of 27 cents per share, according to Thomson Reuters I/B/E/S.
Revenue eased 4.3% to $37.44 billion.
The company said total orders — an important indicator of future revenue — rose 8%.
GE, the world’s biggest maker of jet engines and electricity-producing turbines, experienced an uptick in demand for hospital equipment such as CT-scan machines during the quarter.
Shares of GE are little changed this year, up 0.5%, compared with a drop of 0.6% in the blue-chip Dow Jones industrial average.
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First Published: Fri, Jul 16 2010. 04 42 PM IST
More Topics: GE | Net profits | Markets | Results | Dow Jones |