General Electric Company (NYSE: GE) Reports 21% jump in Q2 profit

The lending unit helped General Electric Company (NYSE: GE) boost up its profits by 21% to$3.76 billion in the second quarter.

GE net income amounted to 35 cents per share for the quarter end on 30thJune in comparison with $3.11 billion, or 28 cents per share earned for the same period last year.

Revenue of the company fell by 4% to $35.6 billion, because of GE’s sold majority of its stake in NBC Universal to Comcast in February.

According to FactSet, the company’s records has suppressed  the Wall Street estimates of 32 cents per share on revenue of $34.7 billion.

GE Chairman and CEO Jeff Immelt said. That the company’s Income at consumer and commercial lending businesses grew by 57%and 100%, respectively.

GE’s industrial businesses in the locomotive unit, recorded a huge profit of $178 million for the quarter. The aviation business recorded a 9% increase in its earnings, and the profit of its health care business increased by 8%.

The overall profit of the company relating to various energy and technology infrastructure units went down by 3 %.

Medical and industrial instruments maker Danaher Corp.’s said that its quarterly earnings went up by 74 % while on the other hand United Technologies posted a 19% gain in its quarterly profit.

However, Fairfield, Conn., company said after seeing an unexceptional growth in India, China, Southeast Asia, Africa, Russia, Australia, Canada and Latin America the company’s International sales went up by 23 % to $13.4 billion in the quarter.

During a conference call with analysts, Immelt said with the introduction of new health care products and wind turbines in Canada and Australia, the company will be able to generate huge revenue in the upcoming year.

Earnings at  the GE’s energy infrastructure business went down by 19%, as prices for wind turbines and other renewable energy equipment slided down. GE proposes to buy Converteam, Dresser Inc., Wellstream Holdings, Lineage Power Holdings and the well-support business of John Wood Group.

Shares of the company fell down by 18 cents to $18.98 in afternoon trading.


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