GE beats Q3 expectations on strength of industrial segment
GE says it is working to become a more focused industrial conglomerate that builds and services complex equipment.
FAIRFIELD, Conn.—General Electric says net income fell 9 per cent in the third quarter as the company struggles to increase profit after shedding media and banking assets.
GE announced Friday that it earned $3.2 billion on revenue of $35.7 billion in the third quarter. During last year’s third quarter the company earned $3.5 billion on revenue of $36.3 billion. GE’s earnings per share dropped to 31 cents, from 33 cents last year.
Adjusted to remove the effects of restructuring and other charges, the company says it earned 40 cents per share. Analysts had expected GE to earn 36 cents per share, on average, according to FactSet.
GE is working to become a more focused industrial conglomerate that builds and services complex equipment. The company said orders rose 19 per cent in the quarter.