GE beats on profits

The logo of US conglomerate General Electric is pictured at the company’s site in Belfort
Thomson Reuters

General Electric Co said on Friday that its quarterly industrial profit rose 5 percent, as its businesses producing jet engines and power turbines offset declines in its oil and gas segment.

The conglomerate overall reported third-quarter net earnings of $2.51 billion, or 25 cents per share, compared with $3.54 billion, or 35 cents per share, a year ago.

“In a volatile environment, GE performed well this quarter, with industrial profit growth, organic revenue growth, and margins up 100 basis points,” CEO Jeff Immelt said in the earnings statement.

The company also announced that it will start its share exchange next week as it lets go of a majority stake in Synchrony Financial.

GE estimates it will sign as much as $90 billion in deals this year related to the sale of its GE Capital assets.

(Reuters editing by W Simon)