GE Earnings: Beats Forecasts Despite Profit Dip

by Christopher Freeburn | October 18, 2013 8:56 am

GeneralElectricLogoHP GE Earnings: Beats Forecasts Despite Profit Dip[1]Shares of General Electric (GE[2]) climbed almost 3% in Friday pre-market trading after the company posted better-than-expected quarterly results[3].

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 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[4] for Boeing (BA[5]) 787 Dreamliners purchased by Vietnam Airlines.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/03/GeneralElectricLogoHP.jpg
  2. GE: http://studio-5.financialcontent.com/investplace/quote?Symbol=GE
  3. posted better-than-expected quarterly results: http://www.washingtonpost.com/business/ge-3q-earnings-profit-slip-but-results-beat-expectations-as-industrial-results-improve/2013/10/18/92a2d7e0-37eb-11e3-89db-8002ba99b894_story.html
  4. won a $1 billion deal to supply engines: http://investorplace.com/2013/09/ge-scores-1b-787-order-from-vietnam/
  5. BA: http://studio-5.financialcontent.com/investplace/quote?Symbol=BA

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