General Electric Meets Q3 Profit Forecasts

by Christopher Freeburn | October 19, 2012 9:50 am

General Electric (NYSE:GE[1]) announced on Friday that it earned $3.49 billion during the third quarter[2], up 8.3% from $3.22 billion in the same period last year. Adjusted EPS was 36 cents, which matched Wall Street estimates, Reuters noted.

The manufacturing giant reported quarterly revenue of $36.35 billion, up 2.8% from $35.36 billion in 2011, but that fell short of the $36.94 billion that analysts had forecast.

Investors were less than enthusiastic about the results. Shares of General Electric slipped about 3% in Friday morning trading.

General Electric reiterated its previous guidance for the year, predicting a double-digit percentage increase in profit compared to last year.

Sales of energy infrastructure grew 12% over last year, driven by recent oil and gas acquisitions, while aviation and health care sales fell 1%. Company officials noted that a rising U.S. dollar had trimmed revenue by $1.1 billion.  GE said in September that it plans to lower costs by between $700 million and $1 billion over the next 12 months.

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