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Friday, July 11, 2008
General Electric 2Q Earnings Fall
Associated Press
Industrial conglomerate General Electric says its profit fell 6% in the second quarter, as discontinued operations and loss provisions weighed on results.
Hartford, Conn.-based General Electric Co. (GE) says it earned $5.07 billion, or 51 cents per share, compared with a year-earlier profit of $5.38 billion, or 52 cents per share. Total revenue has risen to $46.89 billion from $42.38 billion a year earlier.
On the basis of continuing operations, GE says it earned $5.39 billion, or 54 cents per share. Thomson Financial says analysts expected the company to report earnings of 54 cents per share on revenue of $45.31 billion.
In a statement, GE Chief Executive Jeff Immelt said the U.S. economy is "challenged" but many other markets are healthy.
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