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GE Earnings: Beats Forecasts Despite Profit Dip

Its industrial division showed strong profit growth


GeneralElectricLogoHPShares of General Electric (GE) climbed almost 3% in Friday pre-market trading after the company posted better-than-expected quarterly results.

GE earnings during the third quarter were $3.19 billion, down from $3.49 billion during the same period last year. Adjusted EPS came in at 40 cents, topping the 35 cents that Wall Street had forecast, the Associated Press noted.

GE Earnings: Slow and Steady Wins the Race
GE Earnings: Slow and Steady Wins the Race

GE generated $35.7 billion in revenue in the third quarter, down from $36.3 billion in the prior year. It reported orders of $25.7 billion for the quarter, up 19%.

Operating profits at its industrial division jumped $3.97 billion in the quarter, up 11% compared to last year. Earnings at the giant’s oil and gas, home and business solutions, aviation and transportation units all increased by better than 10%.

Earlier this month, GE won a $1 billion deal to supply engines for Boeing (BA) 787 Dreamliners purchased by Vietnam Airlines.

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