GE profit jumps on equipment demand

[unhappycamper]

GE profit jumps on equipment demand
By Scott Malone | October 12, 2007

BOSTON (Reuters) - General Electric Co <GE.N> said on Friday that third-quarter profit rose 13.8 percent, matching expectations, boosted by demand for heavy equipment like gas turbines and jet engines and strength at its financial units.

The conglomerate said earnings increased to $5.54 billion, or 54 cents per diluted share, from $4.87 billion, or 47 cents per diluted share, a year earlier.

Profit from continuing operations was 50 cents per share, in line with analysts' expectations, according to Reuters Estimates.

"Given the significant slowdown that we are seeing in the economy and all the dislocation in the financial markets, I think it is a positive just to report an in-line quarter and reaffirm guidance, not to take guidance down," said Shawn Campbell, principal at Campbell Asset Management in Chicago that holds GE stock. "One of the key things is no nasty surprises on the finance side."

GE, the second-largest U.S. company by market capitalization behind Exxon Mobil Corp <XOM.N>, has experienced continued strong demand for its heavy equipment products in the United States and abroad. Its infrastructure unit racked up 12 percent profit growth, while commercial finance had a profit gain of 12 percent and GE Money consumer finance jumped 13 percent.


Rest of article at: http://www.boston.com/news/local/massachusetts/articles/2007/10/12/ge_quarterly_profit_up_138_percent/



uhc comment: GE is one of the winnahs in the Iraq occupation.

[cosmicdot]

1. Dear former CEO and Poppy Bu$h Trustee Jack Welch cc GE

I think Henry Waxman is still waiting to hear from you. xoxoxo

NBC Election Night Coverage

http://www.house.gov/waxman/issues/issues_other_nbc_elec_waxman_renews_9_11_01.htm


this post to be filed under T for treason