GE Q4 profit slips 18%

Posted By: Religare
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GE Q4 profit slips 18%
General Electric Co. (GE) on Friday reported an annual 18 per cent decline in fourth quarter,2011 profit as weaker demand from Europe impacted revenue.

Net profit in the October-December 2011 quarter stood at USD 3.73 billion, down from the USD 4.54 billion in the year ago period.

Revenue fell by 8 per cent to USD 38 billion in the fourth quarter,2011, compared to the same quarter in the previous year.

Weaker demand from Europe amid the lingering debt turmoil, hit the company's healthcare business revenue last quarter.

However, the bright spot for the firm was the robust growth of its industrial business. Infrastructure orders surged by 15 per cent to a record USD 28.6 billion in Q4,2011, compared to the same period in the previous year.

Earnings per share dropped to 35 cents in Q4,2011 from 42 cents per share in the year ago quarter.

“We finish 2011 with momentum and are positioned for a strong 2012. Our Industrial businesses are positioned for growth. GE Capital is strong and profitable. We have substantial cash available to improve shareholder returns. The Company is positioned to perform for investors", the company said in a statement.

Dion Global Solutions Ltd

Story first published: Monday, January 23, 2012, 9:30 [IST]
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