GE Posts Banner Profits

Jan. 21, 2011
Profits of $12.6 billion for 2010, up 15.6%

General Electric on Jan. 21 posted better-than-expected fourth quarter and 2010 profits, and said it was upbeat about the outlook for this year and the next.

GE said 2010 profit jumped to $12.6 billion, up 15.6% from $10.9 billion in 2009.

Full-year revenue fell 4.19% to $150.2 billion.

For the fourth quarter, GE posted earnings of $3.9 billion.

Revenues rose to $41.4 in the October-December period, the first positive growth in nine quarters, the company said.

"GE ended 2010 with three consecutive quarters of strong earnings growth," said CEOJeff Immelt.

Immelt said the company's total orders backlog grew $3.1 billion in the final three months "to a record $175 billion."

"GE exits 2010 with significant momentum," he said. "As we shared at our December 2010 investor update, we expect that GE earnings growth will continue in 2011 and 2012."

Copyright Agence France-Presse, 2011

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