General Electric says its first quarter earnings dropped by almost one third. But as WNPR’s Harriet Jones reports, the results still beat Wall Street’s expectations.
GE has been struggling to right itself in the wake of the financial crisis, because of the impact on its money arm, GE Capital. In the first three months of 2010, the Fairfield based conglomerate earned $1.9 billion, or 17 cents a share, down from 26 cents a share in the first quarter of 2009.
Profits at GE Capital dropped 41% in the quarter, although GE says losses within the unit have moderated. The conglomerate also saw sales in its core industrial units drop 2%, although items like medical imaging equipment and power turbines did well. Excluding one time items, GE earned 21 cents a share, beating analysts’ forecasts by some 5 cents.
For WNPR, I'm Harriet Jones.