General Electric Q3 Profit Drops, Operating Earnings Rise

(RTTNews) - Conglomerate General Electric Co. (GE) Friday said its third-quarter profit declined from the previous year, amid a slide in revenues. However, operating earnings improved from the previous year.

"In a volatile environment, GE performed well this quarter, with industrial profit growth, organic revenue growth, and margins up 100 basis points...GE is executing and is on track to deliver on its 2015 goals," Jeff Immelt, Chairman and CEO, said.

Attributable profit declined 29 percent to $2.506 billion from last year's $3.537 billion. Earnings per share dropped to $0.25 from $0.35.

Operating earnings, a non-GAAP measure, rose to $3.30 billion or $0.32 per share from $3.18 billion or $0.31 per share in last year's third quarter.

On average, 14 analysts polled by Thomson Reuters expected earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue slipped 1.3 percent to $31.68 billion from $32.11 billion last year. Analysts expected revenues of $28.57 billion.