GE Posts Declines in Profit, Revenue

By Erin McCarthy 

General Electric Co. said its first-quarter profit declined as the conglomerate's revenue slipped.

Chief Executive Jeff Immelt said the company saw strength in most markets, including power and water, aviation and oil and gas.

Overall, GE reported a profit of $3 billion, or 30 cents a share, down from $3.53 billion, or 34 cents a share, year earlier. Operating earnings were 33 cents a share, down from 39 cents a share.

Revenue declined to $34.2 billion.

Analysts polled by Thomson Reuters had recently expected operating earnings of 32 cents a share and $34.36 billion in revenue.

At a time of weak revenue growth, GE and its competitors have been able to eke out more profit by cutting cuts and improving productivity. GE also has been under pressure to reduce its dependence on earnings from its finance arm and to improve the performance of its industrial businesses.

GE has invested in developing new industrial operations such as oil and gas, while shedding financial assets such as real estate and stakes in international banks.

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