Industrials
GE (GE) Takes On Water On Healthcare, Transportation, And Financial Results
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GE”s (NYSE:GE) earnings were hurt by results from its financial unit, but that was only the beginning of the company’s problems.
The conglomerate announced third-quarter 2009 earnings from continuing operations of $2.5 billion, or $0.22 per share, including the effect of $0.05 in restructuring and other charges, down 51% from the third quarter of 2008. Revenue of $37.7 billion was down 20% from the year earlier.
The company’s capital finance segment was hit particularly hard with revenue down 30% to $12.2 billion. Segment operating income crashed 87% to $263 million.
But, the core of GE’s operations suffered as well. Energy infrastructure was a bright spot with revenue dropped 9% to $8.9 billion and segment operating profit was up 11% to $1.6 billion. The company large technology infrastructure unit posted an 11% decline in revenue to $10.2 billion and operating income was down 8% to $1.7 billion.Results for healthcare, enterprise solutions, and transportation were pounded.
NBCU revenue dropped 20% to $4.1 billion but operating profit was up 13% to $732 million.
Earnings were better than forecast, but sales were below expectations.
Douglas A. McIntyre
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