iOS app Android app More

GE posts small gain in 2Q profit, sees US pickup

stumbleupon: GE posts small gain in 2Q profit, sees US pickup   digg: US Works With Sudan Government Suspected Of Aiding Genocide   reddit: GE posts small gain in 2Q profit, sees US pickup   del.icio.us: GE posts small gain in 2Q profit, sees US pickup

JONATHAN FAHEY | July 19, 2013 07:32 AM EST | AP


NEW YORK — General Electric posted a slight gain in net income in the second quarter and said its U.S. operations are picking up steam.

GE said Friday that it earned $3.13 billion, up from $3.11 billion a year earlier. On a per share basis, the company earned 30 cents, up from 29 cents. Revenue fell 4 percent, to $35.12 billion from $36.5 billion.

Adjusted to reflect earnings from continuing operations, GE earned 36 cents per share. That's 2 cents less than adjusted earnings last year, but one cent better than analysts polled by FactSet had expected. GE shares rose 61 cents, or 2.6 percent, to $24.24 in trading before the market opened.

GE, based in Fairfield, Conn., has a broad view of the global economy because it sells a wide variety of industrial equipment and appliances around the world, including jet engines, medical diagnostic equipment, locomotives, washing machines, natural gas-fired turbines, and oil and gas drilling equipment.

CEO Jeff Immelt said orders in the U.S. showed "strong growth," an improvement from recent quarters when he expressed caution about the U.S. market. Immelt said emerging markets remained strong and that Europe has stabilized, but remained weak.

The company's orders for new business rose $7 billion last quarter to a record $223 billion. Immelt said he expects profits to grow in the second half of the year.

GE is in the midst of transforming itself in to a company more focused on industrial businesses. It's been shedding media and other non-industrial divisions and shrinking its banking division. Infrastructure orders rose 4 percent and profit margins for industrial segments rose 0.5 percent. GE Capital earnings fell 9 percent.

____

Follow Jonathan Fahey on Twitter at . http://twitter.com/JonathanFahey