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Saturday, October 22, 2016

GE Posts 9 Percent Profit Drop For Third Quarter

GE Posts 9 Percent Profit Drop For Third Quarter

New York City (AFP) – General Electric on Friday reported a 9 percent drop in third-quarter earnings as revenues slipped, driven by a downsizing of its financing arm, GE Capital, and unfavorable foreign exchange rates.

Net earnings at the U.S. industrial giant totaled $3.2 billion for the July-September period, down 9 percent from the year-ago figure of $3.5 billion.

Net earnings on an operating basis came in at 36 cents per share, beating analyst expectations of 35 cents.

Net earnings on a per share basis fell 6 percent to 31 cents.

Revenue fell 1.5 percent from a year ago, to $35.7 billion, below estimates. It was the third consecutive quarter of lower revenue for the conglomerate based in Fairfield, Connecticut.

“Our third-quarter results were very strong in an improving global business environment,” GE chairman and chief executive Jeff Immelt said in a statement.

Immelt noted 19 percent growth in orders around the world. The orders backlog hit a record $229 billion.

“Industrial margins grew 120 basis points in the quarter, and we are on track for planned margin expansion of 70 basis points for the year,” he said.

Shares in Dow member GE were up 2.9 percent at $25.40 in pre-market trading on the New York Stock Exchange.

AFP Photo/Mandel Ngan

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  • Socialism is Organized Evil

    When Hussein Obama’s occupation of the White House began, there were about 32 million Americans on food stamps. Today, there are more than 47 million Americans on food stamps.Reference:

    • omgamike

      You really, really, need to stop gulping down all that kool-aid. Of course the number of people on the SNAP program grew. With an economy, at that time, bordering on another great depression, with unemployment when he came into office soaring to unheard of levels, a record number of people had to turn the safety net programs in order to survive. With millions of people out of work, losing their homes and/or having to go into bankruptcy, the importance of the safety net programs rose to record levels. Our economy is still fragile. Unemployment has slowly come down again, and more and more people are able to find work. And the number of people who have to use food stamps will drop as the economy improves. You also really, really need to stop watching Fox news and stop listening to Rush Limbaugh and others of his particular political leanings, when you are driving in your car. Try and widen your view of the world by dividing your interests between watching other, main stream news organizations and using the internet to do a little fact checking of those lies and half truths that the GOP has been feeding you.