General Electric (GE) Does Little to Impress in Q3 as Infrastructure Orders, FX Hamper Growth

October 19, 2012 6:58 AM EDT
Shares of General Electric (NYSE: GE) are indicated lower Friday morning following tepid third-quarter results from the international megaconglomerate.

Revenue rose 3 percent to $36.4 billion, from $35.4 billion in the same period last year. Excluding the effect of foreign exchange, revs rose 6 percent in the period.

Net income rose 8 percent to $3.49 billion, or 33 cents per share. After adjusting for a preferred stock redemption, EPS was a little more robust at 36 cents per share.

Overall, the Street was looking for revs of $36.8 billion and EPS of 36 cents.

Revenue growth was led by GE's industrial segment, which reported a 6 percent gain. Infrastructure orders fell 5 percent as wind turbine demand dropped.

GE Capital profit rose 11 percent in the quarter and returned a dividend of $2.4 billion to GE in the quarter. Total dividends paid for the year were $5.4 billion.

Operating cash was $10.7 billion in the quarter.

GE noted that it "is performing well and is on track to deliver double-digit earnings growth in 2012 for both Industrial and GE Capital segments."

Shares of GE are bid at $22.30 this morning, from a close at $22.81 Thursday.

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