General Electric saw its second quarter net profit rise 1 percent against the same period a year ago, to $3.1 billion, despite a drop in sales, it said Friday.
Sales of aircraft engines fuelled the growth as the conglomerate based in Fairfield, Connecticut, cut costs and saw strong business in the United States and emerging markets, it said. The European outlook had stabilized but remained weak, chief executive Jeff Immelt said.
Revenues fell 4 percent year-on-year to $35.1 billion while operating profit dropped 8 percent to $3.7 billion.
GE saw profit growth in six of its seven industrial divisions and expected them to grow further in the second half of this year, Immelt said.
Revenues in its aviation and oil and gas divisions both rose 9 per cent, but its finance division, GE Capital, saw sales fall 3 percent.
GE is reorganizing itself away from finance and more towards its industrial businesses.
Most Popular Stories
- Doctor Who Christmas Episode Begins Production
- HCL America Adding 1,200 IT Jobs
- Medical Mfg. Jobs Coming to Dayton
- Michael Jackson, Freddie Mercury on Previously Unreleased Queen Cut
- Longtime Unemployed to Get Help in Las Vegas
- SpaceX Aims for Predawn Launch on Saturday
- Women Key to Democratic Party: Clinton
- U.S. Chamber Caught Up in Tax Inversion Question
- Feds Won't Say How Many Border Crossers Jailed
- Christie Didn't Order Bridge Shut Down, Feds Say