GE (GE) reported that revenue rose 12% in the last quarter to $42.3 billion. Operating income was up 11% to $6.5 billion. Impressive number off such a large base.
But, being a conglomerate is still no fun. Revenue in the company’s infrastructure businesses was up 23% to $13.9 billion. Segment profit in that area also rose 23% to $2.6 billion.
But GE’s medical operations had a 1% drop in revenue to $4.1 billion and segment profit there dropped 8% to $721 billion.
Revenue also fell in the quarter for GE’s NBC Universal and industrial units. Segment profits at the two units were flat.
GE also said that it will buyback more shares and get out of the sub-prime lending business.
The company’s biggest problem remains that it has two units that are now ongoing drags on results.
Douglas A. McIntyre
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