General Electric Co. reported a slight rise...

General Electric Co. reported a slight rise in profit for the fourth quarter, but said full-year earnings fell 39%, in part because of changes in how it accounts for retiree benefits.

Fairfield, Conn.-based GE, with businesses ranging from aircraft engines to financial services, said net earnings in the final quarter rose to $1.26 billion, or $1.46 a share, from $1.24 billion, or $1.42 a share, in the 1990 period. Revenue edged up 1.7% to $17.5 billion from $17.2 billion in the quarter.

The company cited better productivity and GE’s diversity of businesses, which helped earnings despite the tough economy. But profits for the year fell to $2.64 billion from $4.30 billion in 1990, reflecting a $1.8-billion charge to comply with a rule on how to account for retiree health care and life insurance benefits.