GE Meets Profit Expectations
General Electric Co (GE.N) posted a 4 percent rise in net profit on Friday, matching Wall Street expectations, with strong demand for heavy equipment from outside the United States offsetting the effects of a slowing domestic economy.
The second-largest U.S. company by market capitalization said profit rose at all of its units but health care, which was weighed by a U.S. regulatory change.
With global credit markets in turmoil and most major Wall Street banks suffering big losses, GE saw profits rise at its commercial finance and GE Money consumer finance arms. Executives said it had been able to demand higher interest rates for loans.