You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Existing clients given top home equity deals
    WASHINGTON – “Them that's got are them that gets,” Ray Charles sang in the 1960s. That sentiment rings true today in the U.S. mortgage market.
  • Glassmaker for iPhone to cut jobs
    A manufacturer of sapphire glass that Apple Inc. uses in iPhones plans to eliminate 727 jobs at an Arizona plant. GT Advanced Technologies filed for Chapter 11 bankruptcy protection this month.
  • Oil price drop shakes up globe
    NEW YORK – A sudden plunge in the price of oil is sending economic and political shockwaves around the world.
Advertisement

GE net income down but outlook is up

– General Electric posted lower first-quarter net income than a year ago because last year’s results included the sale of NBC Universal.

But the company said its industrial divisions performed well and that the economic environment was “positive.”

GE said Thursday that it earned $3 billion on revenue of $34.18 billion in the year’s first three months, down from $3.5 billion on revenue of $34.94 billion during the same period last year.

On a per-share basis, GE earned 30 cents.

Adjusted to reflect continuing operations and to remove the effect of one-time charges, GE earned 33 cents per share, down 15 percent from a year ago.

Analysts had expected GE to earn 32 cents per share, on average, on sales of $34.45 billion, according to FactSet.

GE shares were up 2 percent in pre-market trading an hour before the market opened.

GE, which plans to close its Fort Wayne operations next year, has a good view of the world economy because it has manufacturing plants and sales operations around the world.

In a presentation to investors, GE reported that European operations performed better than expected, and developing nations saw growth.

Its U.S. business picked up in March, evidence that the slowdown this past winter was related to frigid weather.

GE sold its remaining interest in NBC Universal last year as part of a plan to focus on building and servicing big, complicated industrial equipment such as aircraft engines, power plant turbines and oil and gas drilling equipment.

The next step for GE will be to complete a public offering of its consumer credit card division, expected this year.

Operating profit from industrial operations rose 12 percent in the quarter, the company said.

Advertisement