GE industrial 12 per cent profit boost underscores strategy

General Electric posted a 12 per cent rise in overall industrial profits yesterday as strength in its businesses selling gas turbines, jet engines and oil industry equipment offset weakness in healthcare and transportation.

GE, which is increasingly focusing on its traditional manufacturing businesses over its finance unit, posted an 8 per cent increase in industrial revenue, even as overall company revenue fell slightly short of Wall Street’s target.

GE said it planned to be more active with divestitures this year from its industrial businesses.

GE’s first-quarter net earnings fell to $3 billion, or 30 US cents per share, from $3.53 billion, or 34 cents per share, a year ago, when the company’s results were boosted by its sale of NBCUniversal. – (Reuters)