GENERAL ELECTRIC, the largest US industrial group by market capitalisation, has reported a 3 per cent rise in earnings per share from continuing operations in the fourth quarter, thanks to another strong performance at GE Capital, its finance division.
The growth came as revenues from continuing operations fell short of analysts’ average forecast, with a 4 per cent rise to $38 billion.
GE chief executive Jeff Immelt warned of “continued volatility in 2012”. He said GE Capital, which provided 46 per cent of last year’s post-tax earnings from continuing operations, was “safe and secure and rebounding sharply” and the group overall was “positioned for a strong 2012”.
Mr Immelt also said that GE was restructuring its businesses in Europe “to reflect market conditions”.
Group profits from continuing operations were 26 per cent higher at $4.48 billion for the fourth quarter, but there was also a steep rise in the tax charge, which swung to a $466 million charge from a $591 million benefit in the equivalent period of 2010. – Copyright The Financial Times Limited 2012
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