General Electric Co. reported a 13% rise...
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General Electric Co. reported a 13% rise in profit in the third quarter following double-digit gains in many core businesses.
The industrial-financial services conglomerate earned $1.37 billion, or 80 cents per share, in the three months ended Sept. 30, up from $1.21 billion, or 71 cents per share, in the same period a year ago.
The results included a previously announced $85 million third-quarter loss at Kidder Peabody & Co., GE’s troubled brokerage firm.
Overall, GE’s third-quarter revenue rose 9% to $16.15 billion from $14.86 billion.
GE, based in Fairfield, Conn., said revenue rose at seven of its 12 businesses and it reported double-digit gains in operating profit--notably plastics, motors, appliances and information systems. The aircraft engine unit saw its profit fall.
At GE Capital Services, the company’s financial services arm, earnings for the quarter rose 7% to $526 million.
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