GE Profits Rise 13 Percent
FAIRFIELD, Conn. (AP) _ General Electric Co. said Wednesday its profit rose 13 percent in the first quarter, driven by strong performances in its financial services and equipment businesses.
The company’s stock edged higher after the report which was in line with analysts’ expectations. In morning trading on the New York Stock Exchange, GE rose 31 1/4 cents a share to $87.43 3/4.
Earnings were $1.89 billion, or 57 cents per diluted share, compared with $1.68 billion, or 50 cents per share, in the same period a year ago.
Revenues increased 12 percent to $22.63 billion, compared with $20.16 billion a year ago.
At GE Capital Services, GE’s financial unit, earnings rose 17 percent to $881 million, compared with $754 million a year ago.
GE said its Aircraft Engines unit had a strong quarter, winning more than 50 percent of the orders for large commercial engines, including orders totalling more than $1 billion from Southwest, Sabena, Ryanair, Continental and China Eastern airlines.
GE’s equipment services businesses had higher sales of spare parts and services. The Power Systems unit completed the acquisition of Stewart & Stevenson’s turbine packaging business. Aircraft Engines announced engine serve joint ventures with Eva Airways in Taiwan and LOT Polish Airlines.