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GE’s Profit Jumps 77%
Posted By admin On April 21, 2011 @ 6:58 am In Money Watch | Comments Disabled
Thursday, April 21, 2011
General Electric Co. reported a 77% increase in first-quarter earnings, lifted by marked improvement at its GE Capital financing arm and gains at most of its industrial units.
The company also boosted its quarterly dividend by a penny to 15 cents. The move marks GE’s third dividend increase in the past year, although the payout remains well short of GE’s 31-cent dividend before the financial crisis and economic downturn.
“Our environment continues to improve and get better,” said Chairman and Chief Executive Jeff Immelt on a call with analysts, noting that the restructuring of GE Capital was ahead of plan while the quarter saw record orders for its industrial unit.
Mr. Immelt also said the company was “done” with major acquisitions after spending $11 billion to expand its energy unit.
Full story here.
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