Earnings: General Electric
STAMFORD, Conn. - (AP) - General Electric Co. (GE) said Friday its third-quarter profit rose 6 percent as the industrial products, financial services and media conglomerate reported strong orders across the company.
Net income for the three months ended Sept. 30 totaled $4.96 billion, or 48 cents per share, compared with $4.68 billion, or 44 cents per share, a year ago.
Results included a loss from discontinued operations of $100 million and adjustments related to the Genworth and GE Insurance Solutions divestitures and the results of GE Life, which is in the process of being sold.
Earnings from continuing operations were 49 cents per share, which matched the consensus estimate of analysts surveyed by Thomson Financial.
Revenue climbed 12 percent to $40.86 billion in the latest quarter from $36.37 billion a year ago. Analysts had forecast sales of $39.78 billion.
"Our strong third-quarter performance was led by our infrastructure segment, where profits rose 24 percent on excellent performances across its portfolio including energy, which is on track for the strong second half we expected," said GE Chairman and CEO Jeff Immelt in a statement.
The company posted organic revenue growth of 10 percent as total orders rose 15 percent.