NEW YORK (AP) — General Electric says its net income fell 16 percent in the second quarter because of losses in businesses it has divested and an increase in pension costs.

The conglomerate, with businesses ranging from appliances to financial services to wind and gas turbines, posted net income of $3.11 billion, or 29 cents per share, compared with $3.69 billion, or 35 cents per share, a year earlier.

Excluding pension costs and losses from discontinued businesses, GE earned 38 cents, a penny better than analysts were expecting.

Revenue rose 2 percent to $36.5 billion, led by strong results in GE’s industrial business. Analysts expected slightly higher revenue of $36.77 billion.

GE reaffirmed its outlook for double-digit growth in earnings per share, excluding any special items.