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G.E. Profit Up Despite ‘Volatile’ Economy

Posted By yihan On October 21, 2011 @ 9:09 am In World News | Comments Disabled

Christine Hauser
The NewYork Time [1]
Friday, October 21, 2011

General Electric, the nation’s largest industrial company, on Friday reported net earnings for the third quarter of $3.2 billion, up 57 percent from the same period in 2010 despite what the chief executive called a “volatile” economic environment.

The company said it had operating earnings per share of 31 cents, exactly in line with expectations of analysts surveyed by Thomson Reuters. That excluded the $0.08 per share impact of its redemption of Berkshire Hathaway shares, which it subsequently redeemed this month for $3.3 billion. But the company said it expected that retiring the stock would improve annualized earnings per share by $0.03 in future quarters.

Revenue for the period from July through September, 2011, was $35.4 billion, which the company described as flat when compared with the third quarter of 2010. When the impact of the sale of NBC Universal to Comcast was excluded, the revenue for the quarter was up 12 percent.

Analysts had forecast $34.93 billion in revenue, according to a survey compiled by Thomson Reuters.

Full story here. [1]

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URLs in this post:

[1] The NewYork Time: http://www.nytimes.com/2011/10/22/business/ge-profit-up-despite-volatile-economy.html?_r=2

[2] Halliburton’s quarterly profit jumps 83%: http://www.prisonplanet.com/halliburtons-quarterly-profit-jumps-83.html

[3] Exxon posts record $11.68 billion profit: http://www.prisonplanet.com/exxon-posts-record-1168-billion-profit.html

[4] Gannett Profit Falls 36% as USA Today Ad Sales Plunge: http://www.prisonplanet.com/gannett-profit-falls-36-as-usa-today-ad-sales-plunge.html

[5] Shell reports 33% rise in profit: http://www.prisonplanet.com/shell-reports-33-rise-in-profit.html

[6] Starbucks profit falls 97% on fewer customers and rising costs: http://www.prisonplanet.com/starbucks-profit-falls-97-on-fewer-customers-and-rising-costs.html

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