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GE profit drops 29 percent

Friday, October 16, 2015 - 00:49

General Electric's profit dropped sharply in the latest quarter. But strong sales of jet engines helped propel that profit past analysts estimates.

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General Electric's profit dropped sharply in the latest quarter. But strong sales of jet engines helped propel that profit past analysts estimates. Those aviation sales offset the decline in its oil and gas segment in a quarter marked by falling crude prices. Revenue also grew at its biggest segment, power and water. Those results coming three days after GE sold its commercial lending and leasing businesses to Wells Fargo for $30 billion, the latest step in its restructuring plan to shirnk is financial business and return to its industrial roots. The company is seen as a proxy for the U.S. manufacturing sector. GE said it is sticking with its full-year profit forecast. GE shares the biggest gainer among blue chips on the day, adding to their nearly 15 percent gain this year.

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GE profit drops 29 percent

Friday, October 16, 2015 - 00:49