October 16, 2015 – General Electric Co today posted higher-than-expected quarterly profit, as its businesses producing jet engines and power turbines offset declines in its oil and gas segment.
The U.S. conglomerate, which is pulling back from financial services, said its industrial revenue grew 4 percent, excluding the impact of foreign currency swings and acquisitions.
GE, which backed its full-year profit outlook, said it expects to retire as much as 7 percent of its outstanding floated shares by mid-November, as it completes the spinoff of its former retail finance business, Synchrony Financial . The Federal Reserve earlier this week said Synchrony could function as a standalone company.
The conglomerate overall reported third-quarter net earnings of US$2.51 billion, or 25 cents per share, compared with US$3.54 billion, or 35 cents per share, a year ago.
Excluding special items, earnings of 29 cents a share exceeded the average estimate of analysts by three cents, according reports.
Revenue fell 1.3 percent to US$31.68 billion, weighed by a 16 percent slump in its segment supplying equipment and services to oil and gas customers, which has been hurt by weak crude prices.
Revenue in its aviation segment increased 5 percent, while revenue in its power and water division, its biggest segment, grew 1 percent.