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Updated: 11:38 AM May 4, 2009
GE Profit Falls 22 pct, Hurt by Capital Finance
General Electric Co., which makes everything from jet engines to water treatment systems and owns NBC Universal, says its third quarter profit fell 22 percent, hurt by its financing business.
Posted: 8:04 AM Oct 10, 2008 |
General Electric Co. CEO Jeff Immelt, right, waits for the start of the company's annual shareholders meeting, Wednesday, April 23, 2008, in Erie, Pa. Immelt is telling shareholders that the economy is the toughest it's been since 2001 and that the U.S. is facing the worst housing crisis since the Great Depression. (AP Photo/Tony Dejak)
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FAIRFIELD, Conn. (AP) -- General Electric Co., which makes everything from jet engines to water treatment systems and owns NBC Universal, says its third quarter profit fell 22 percent, hurt by its financing business.
GE, a bellwether for the U.S. economy, says net income fell to $4.3 billion, or 43 cents per share, compared with $5.56 billion, or 54 cents, a year earlier.
GE's revenue totaled $47.23 billion, up 11 percent.
Analysts polled by Thomson Reuters forecast earnings of 45 cents a share on revenue of $47.34 billion.
Results were dragged down by a 33 percent profit decline at its capital finance business.
GE's financial business has been battered by a severe credit crunch in global markets. GE last month lowered its quarterly guidance to between 43 cents and 48 cents per share.
