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
2007.
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
as far.
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."
More News
Aero Linx: International Business Aviation Council Ltd IBAC promotes the growth of business aviation, benefiting all sectors of the industry and all regions of the world. As a non->[...]
"During the annual inspection of the B-24 “Diamond Lil” this off-season, we made the determination that 'Lil' needs some new feathers. Due to weathering, the cloth-cove>[...]
Also: Bushcat Woes, Hummingbird 300 SL 4-Seat Heli Kit, Carbon Cub UL The newest Junkers is a faithful recreation that mates a 7-cylinder Verner radial engine to the airframe offer>[...]
Also: Seaplane Pilots Association, Rotax 916’s First Year, Gene Conrad After a decade and a half of struggling with the FAA and other aero-politics, G100UL is in production a>[...]
Also: Martha King Scholarship, Montaer Grows, Textron Updates Pistons, FlySto The FAA is hiring thousands of air traffic controllers, but the window to apply will only be open for >[...]