Industryweek 3044 Gepromo
Industryweek 3044 Gepromo
Industryweek 3044 Gepromo
Industryweek 3044 Gepromo
Industryweek 3044 Gepromo

GE Earnings Steadily Rise Despite Slow Economy

Oct. 19, 2012
General Electric Co. (IW 500/5) trimmed costs and grew sales despite a slowing global economy to push up earnings 8.3% in the third quarter, the company announced Friday.

General Electric Co. (IW 500/5) trimmed costs and grew sales despite a slowing global economy to push up earnings 8.3% in the third quarter, the company announced Friday.

The manufacturer of aircraft engines, locomotives, wind turbines and a broad range of other heavy industrial products earned $3.49 billion in the quarter, compared with $3.22 billion a year earlier.

Sales were up 6.1%, to $24.5 billion, while costs grew just 2.2%.

Income growth was spread evenly between the company's manufacturing operations and its financial services division GE Capital, where net earnings rose 7.8% to $1.6 billion.

GE said all of its industrial divisions had positive earnings growth for the first time in seven years.

Its order book was mixed: Infrastructure orders were 5% lower, due mainly to a fall in wind turbine demand, but other infrastructure segments remained strong.

The company said that despite a challenging global environment, it is "on track to deliver double-digit earnings growth in 2012" in both its industrial and GE Capital groups.

"The global economy is uncertain, and we are prepared for a variety of economic outcomes," said CEO Jeffrey Immelt.

"We will continue to invest to win in our markets, while aggressively managing our overall cost structure."

Copyright Agence France-Presse, 2012

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!