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GE Profit Rises, Helped by Oil and Gas Business

Friday, 17 Jan 2014 07:06 AM

General Electric Co. posted increased revenue and profit for the fourth quarter on rising sales in emerging markets, higher banking profit, and stronger global sales of aircraft engines and oil and gas drilling equipment.

The company's profit for all of 2013 also rose, though revenue fell slightly, as GE continues its transformation from a sprawling conglomerate to a more focused industrial company that builds and services complex equipment such as CT-scanners, locomotives and gas-fired turbines.

GE reported net income rose 5 percent to $4.2 billion, or 41 cents per share, for the October-December period on revenue of $40.38 billion. That's up from net income of $4.01 billion, or 38 cents per share, on revenue of $39.16 billion in the fourth quarter of 2012.

Adjusted to remove the effects of one-time items and discontinued operations, GE earned 53 cents per share in the latest period. That matches what analysts polled by FactSet expected, on average.

GE shares fell 41 cents, or 1.5 percent, to $26.79 in trading about 90 minutes before the market opened Friday.

For the year, GE net income rose 3 percent to $14.06 billion and revenue slipped less than 1 percent to $146.05 billion. GE has been scaling back its financial division, called GE Capital, and it has shed non-industrial divisions such as NBC Universal. It plans to spin off its large consumer credit card business this year.

GE Capital profit surged 38 percent in the quarter to $2.49 billion, helped in part by the sale of assets in Switzerland.

GE's fourth quarter results were also helped by profit growth of 20 percent or more in its aviation, oil and gas, and appliances divisions.

"We saw good conditions in growth markets, strength in the U.S., and a mixed environment in Europe," GE CEO Jeff Immelt said in a statement.

GE said its backlog — a measure of orders taken but not yet filled — grew to a record $244 billion in the fourth quarter, up $15 billion from the third quarter.

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General Electric Co. posted a rise in quarterly net profit on Friday, helped by strength in its businesses selling oil pumps and jet engines.
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2014-06-17
Friday, 17 Jan 2014 07:06 AM
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