Sat, Jan 24, 2009
Engine Manufacturing Unit Helps Company Hold Onto Profit
For all the dour reports seemingly permeating the aviation
world of late, we'll take good news wherever we can take it... even
if it's somewhat mixed. GE Aviation, which manufactures a variety
of aircraft engines for military and commercial use, helped prop up
the fortunes of parent company General Electric in the fourth
quarter of 2008.
Overall, General Electric -- an global entity that manufactures
everything from turbines, to refrigerators, to sitcom television
shows -- posted Q4 '08 net income of $3.9 billion, reports the
Business Courier of Cincinnati. That works out to 36 cents per
share... slightly worse than what analysts had expected, and a far
cry from the company's $6.7 billion income for the same period in
Total revenues slipped 5 percent, dropping to $46.2 billion
compared with $48.5 billion in Q4 2007.
Contributing to GE's overall 44 percent drop in income were
severe hits to two of the company's largest business segments.
Profits at GE's Consumer and Industrial Segment -- think
televisions, and those aforementioned refrigerators -- plummeted 86
percent for the quarter. GE Capital Finance earnings dropped nearly
A bright spot for General Electric in this overall gloomy
picture was GE Aviation... which contributed Q4 2008 profits of
$1.16 billion for the Technology and Infrastructure segment, a 21
percent increase over 2007. Revenues of $5.2 billion were up 2
percent over the same period in 2007.
Thanks largely to that strong performance, GE Chairman and CEO
Jeff Immelt was able to proclaim, "In a very tough environment, we
delivered fourth-quarter business results in line with expectations
we provided in December."
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