Summary Box: GE 1Q profit down but tops estimates

AP News
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Posted: Apr 20, 2012 12:31 PM
Summary Box: GE 1Q profit down but tops estimates

STREET BEAT: General Electric's first-quarter net income beat Wall Street expectations on a strong performance from the conglomerate's industrial businesses. Earnings fell 12 percent to $3.03 billion, or 29 cents per share. But excluding charges, GE earned 34 cents in the quarter, a penny better than analysts' estimates.

CHARGED UP: GE's manufacturing operation rebounded following the global recession. Operating profit at its industrial businesses, which include transportation, health care and energy infrastructure, rose by 10 percent.

TAKING ORDERS: orders for locomotives, aircraft engines and other industrial equipment grew by double-digit rates for the quarter.