Friday, October 10, 2008




GE 3rd-Quarter Profit Falls, Hurt by Finance Unit (Update1)

By Rachel Layne

Oct. 10 (Bloomberg) -- General Electric Co. profit declined for a third straight quarter, eroded by lower earnings at its finance arm during the deepest U.S. financial crisis since the Great Depression.

Profit from continuing operations fell 12 percent to $4.48 billion, or 45 cents a share, from $5.11 billion, or 50 cents, a year earlier, matching the average analyst estimate. Revenue rose to $47.2 billion from $42.5 billion, the Fairfield, Connecticut- based company said today in a statement. GE said it will meet its revised profit forecast for 2008.

GE, a 106-year-old economic bellwether whose products range from lightbulbs to power-plant turbines, generated higher profit from its energy, technology and NBC Universal businesses. This year those earnings have been overshadowed by investor concern the global credit crunch will sap the finance units known as GE Capital. Finance profit declined 33 percent in the quarter.



... here is not the effect of technology ...
... even if it would be nice to see more revolutionary designs ...
... like some breaktrough LED lumination items ...
... and some creative new multi-fuel engines for short range ...
... guess the issue is GE capital ...
... burried in commercial real estate like loans ...
... still GE sounds a solid company ...
... may need to "lean" some of the burocracy and processes ...

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