GE’s Profit, Revenue Jump on Acquisitions
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General Electric Co.’s third-quarter earnings rose 11% and revenue jumped nearly 15% as a rebounding economy and acquisitions drove a sharp increase in orders, the company said Friday.
The industrial, financial services and media conglomerate said it earned $4.05 billion, or 38 cents a share, in the July-to-September period, up from $3.65 billion, or 36 cents, a year earlier.
The results matched the consensus estimate of 38 cents a share from analysts surveyed by Thomson First Call.
“The economy we see continues to be very strong, with our total orders for the quarter up 27%,” said Jeffrey Immelt, GE’s chairman and chief executive. “Eight of our 11 businesses delivered at least double-digit earnings growth with continued strong performance on cash flow from operating activities.”
Revenue for the quarter was $38.3 billion, up from $33.4 billion a year earlier.
Profit jumped 24% to $536 million at the NBC Universal division on strong ratings for the Summer Olympics.
Shares of GE, based in Fairfield, Conn., fell 21 cents to $33.74 on the New York Stock Exchange.
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