G.E. Announces Q2 Income

General Electric says its second quarter net income rose 16%, the first time since late 2007 that the conglomerate has posted a higher profit. WNPR’s Harriet Jones reports.

 

GE had net income of just over $3 billion, or 28 cents per share. The results beat analysts’ estimates of 27 cents per share.  Revenue actually fell 4% in the quarter, but GE was able to cut costs by nearly $3 billion, in order to raise profits.

 

GE makes everything from refrigerators to power plant equipment, and is also a major lender to companies. It is considered a bellwether of the broader economy. GE says that orders are improving in its industrial unit. Signficantly, its GE Capital financial division also saw a more than 90% hike in profits – this after many quarters of damaging losses.

 

For WNPR, I'm Harriet Jones.