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Industrials

GE (GE) Takes On Water On Healthcare, Transportation, And Financial Results

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By Douglas A. McIntyre Updated Published
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bearGE”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

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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