GE net profit rises
General Electric Co (GE.N) posted a 13 percent rise in quarterly net income on Friday, helped by increases in sales of its jet engines and oil and gas equipment.
The U.S. conglomerate said it was targeting the initial public offering of its North American retail finance business for the end of the month, in line with its previous plans to exit the business as the company slims down GE Capital.
Second-quarter net income rose to $3.55 billion, or 35 cents per share, from $3.13 billion, or 30 cents per share, a year earlier.
Excluding items, operating earnings of 39 cents a share matched the average estimate of analysts, according to Thomson Reuters I/B/E/S.
Revenue rose 3.4 percent to $36.23 billion, slightly below the $36.3 billion expected by analysts.
GE last month prevailed in a two-month battle to acquire the power assets of France’s Alstom (ALSO.PA) for $16.9 billion, fending off initial French government resistance and a bid from rival industrial giants.
GE said Friday it expects the deal to close in 2015 and add 6 cents to 9 cents per share to earnings in 2016. Analysts expect GE to earn $1.97 per share in 2016.
(Reporting by Lewis Krauskopf; Editing by Lisa Von Ahn and Bernadette Baum)
Source: Reuters
