GE seen notching 11 pct EPS rise, spurred by energy

* GE reports Q3 results at 6:30 a.m. EDT (1030 GMT)

* Wall Street looks for EPS of 31 cents, ex-items

* Energy results seem improving

Oct 21 (Reuters) - General Electric Co is expected to post an 11 percent rise in earnings per share on Friday, reflecting improved results at its large energy operation and strong demand from fast-growing economies including China.

Analysts expect the largest U.S. conglomerate to post a third-quarter profit of 31 cents per share, excluding one-time items, on $34.94 billion in revenue, according to Thomson Reuters I/B/E/S.

The world's largest maker of jet engines and electric turbines has been counting on its large presence outside the United States, particularly in China, Russia and the Middle East, to offset sluggish demand in its home economy and Europe. It has also been working since the financial crisis to scale back its GE Capital finance arm.

"The things I'm going to be looking for are continued improvement and progression in finance, and strengthening demand and revenue starting to flow through in energy," said Brian Langenberg, who follows GE for Langenberg & Co. "This can be a pretty solid day for them."

Even as investors have grown uneasy that Europe's brewing debt crisis could shake the world financial system once more, big industrial companies have notched third-quarter results that topped Wall Street's expectations. Earlier this week, fellow blue-chip United Technologies Corp beat analysts' forecasts and said it expects profits to rise about 10 percent next year, despite a tougher economic environment.

Fairfield, Connecticut-based GE also expects 2012 to be a period of slower economic growth than 2011.

"Most economists that I follow say that global growth next year will be 4 percent," Chief Executive Jeff Immelt said at a Thomson Reuters Newsmaker event in New York on Monday. "It's slightly below the trendline, but it's not a horrible scenario."

The company earlier this week bought back for $3.3 billion the preferred shares it had sold to Warren Buffett's Berkshire Hathaway Inc during the 2008 financial crisis.

GE shares have fallen about 9 percent so far this year, while the Dow Jones industrial average has declined less than 1 percent.