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Friday, October 10, 2008
GE Profit Falls 22%, Hurt by Capital Finance
Associated Press
General Electric (GE), 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.
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