GE's fourth quarter profit rises 6 percent
Strategic Sourceror on Friday, January 20, 2012
U.S. industrial engineering giant General Electric impressed analysts and investors this week with its latest quarterly and yearly financial results.
Connecticut-based GE, which manufactures products ranging from gas turbines to airplane engines, said that its profit rose in its latest fiscal quarter. GE's net income climbed 6 percent from the same period the year before, hitting $4.1 billion. The strong profit came during the company's fourth quarter and was buoyed by strong orders for jet engines, according to chief executive Jeff Immelt.
The financial crisis significantly impacted GE, with its finance division suffering under the weight of bad loans. However, the biggest industrial company in the U.S. has fought back from the depths of the recession, posting seven consecutive quarters of robust earnings growth. GE has benefited from brisk international demand, according to analysts, and its business cost reduction measures have helped boost operating margins.
"GE's portfolio demonstrated strength and resilience, delivering earnings growth for the seventh consecutive quarter while also generating substantial operating cash flow to support investment in our business and dividend growth," Immelt said in a statement.
Posted by Strategic Sourceror at 6:07 PM