GE's 4Q Profit Up 52%; Energy Unit Sees Decline

By The Business Review (Albany)

General Electric Co. reported fourth-quarter 2010 net earnings of $4.5 billion, or 42 cents per share, an increase of 52 percent over the same quarter a year ago. But the company's GE Energy operationâ¿¿which has a plant in Schenectadyâ¿¿saw its profit slip 3 percent during the quarter.

GE's (NYSE: GE) quarterly earnings from continuing operations were 36 cents a share.

GE, based in Fairfield, Conn., said its fourth-quarter revenue grew 1 percent to to $41.4 billion, beating expectations of $40.3 billion.

At GE Energy, fourth-quarter profit declined to $1.8 billion from $1.9 billion. Revenue fell 3 percent to $8.8 billion from $9.2 billion. For the full-year, GE Energy's profit was up 3 percent, to $6.23 billion from $6 billion in the same quarter a year ago. Full-year revenue was $30.85 billion, a drop of 8 percent from the same quarter in 2009, when revenue was $33.7 billion.

GE's total company profit for the full year was up 6 percent to $11.3 billion from $10.7 billion. Full-year revenue was down 3 percent to $150 billion from $155 billion.

GE Energy is based in Atlanta.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/albany/news/2011/01/21/ges-4q-profit-up-52-aviation-unit.html?ana=thestreet

Copyright bizjournals.com 2010

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