by Christopher Freeburn | October 19, 2012 9:50 am
General Electric (NYSE:GE) announced on Friday that it earned $3.49 billion during the third quarter, 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.
Source URL: http://investorplace.com/2012/10/general-electric-meets-q3-profit-forecasts/
Short URL: http://invstplc.com/1nDZDqL
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.