Corporate bellwether General Electric (GE) reported a 22% decline in third-quarter profit but managed to match Wall Street’s lowered expectations.

GE, which makes everything from light bulbs to jet engines, reported earnings of $4.31 billion, or 43 cents per share, down from $5.56 billion, or 54 cents per share, a year ago. GE’s revenue rose by 11.1% to $47.2 billion.

On an adjusted-basis, GE earned 45 cents per share, matching mean estimates from analysts polled by Thomson Reuters. Last month, GE lowered its earnings outlook for the current quarter to between 43 cents and 48 cents, down from its earlier forecast of 50 cents to 54 cents.

The corporate conglomerate’s results were hurt by its finance arm, GE Capital, which GE relies on for about 50% of its revenue. The unit’s earnings dove by 33% in the third quarter amid the worsening credit crisis, canceling out growth at GE’s infrastructure businesses. GE expects the finance unit's fourth-quarter earnings to decline by a range of 20% to 30%.

GE has been in focus over the past few weeks as the company sought to fight the credit crisis by tapping Warren Buffet for a $3 billion investment, raising $12 billion by selling common shares and halting its dividend increases.

Still, GE’s shares have continued to plunge, diving 21% in October. In pre-market trading, GE’s shares were down 4.2%.

During the company’s conference call, GE’s CEO Jeffrey Immelt gave shareholders an update on the commercial paper market, which companies rely on for short-term funding.

“We really see the [commercial paper] market improving right now. We’ve had no problems with our commercial paper,” said Immelt.

GE, which also owns NBC Universal, said it remains on track to meet its recently-lowered 2008 outlook of earnings in the range of $1.92 to $2.07 per share.

Analysts polled by Thomson Reuters are currently forecasting 2008 earnings of $1.98 per share on revenue of $187.4 billion.

GE also said its board approved a plan to keep its dividend at current levels through 2009.