General Electric Co. said today its third-quarter earnings dropped 44 percent as its finance division continued to flounder.
The Fairfield, Conn.-based conglomerate said quarterly its net earnings were $2.5 billion, or 23 cents per share, down from with $4.3 billion, or 43 cents per share, in the same period a year ago.
GE Healthcare, which operates its U.S. headquarters in Waukesha, contributed $3.8 billion in quarterly net earnings, down from $4.2 billion a year ago.
GE said its industrial segment profit grew 4 percent, helped by a 13-percent rise in NBC Universal's profit and an 11-percent upturn in energy infrastructure earnings.
On the positive side, GE's industrial cash flow is ahead of reaching its full-year target, which is important for the company to cover growing losses on its financial side. Industrial cash flow is $11.5 billion, year to date, the company said.
"This is another quarter where the company executed on our commitments," said Jeff Immelt, GE's chairman and chief executive officer. "Our Industrial segment earnings growth was positive, while we built backlog. We are well-positioned in the markets and geographies that will grow in the future. We have successfully navigated through the financial crisis and are preparing GE Capital to be a smaller, more focused franchise. GE is well-positioned in this reset economy."
Immelt says GE is poised to rebound in 'reset economy'
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