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GE Profits Up 3 Pct.
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Business New Haven
10/15/2001
By: BNH
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FAIRFIELD - General Electric Co. (NYSE: GE), whose operations include aerospace, finance and broadcasting, on October 11 reported a three-percent hike in third-quarter profits as its turbine and generator business helped offset the effect of a weak economy on other divisions.
But it was the first quarter in more than three years that GE did not post double-digit growth in earnings, due in large part to losses related to the September 11 attacks on the United States.
The world's largest company in terms of stock market capitalization, GE posted third-quarter earnings of $3.28 billion, or 33 cents per share, compared with $3.18 billion, or 32 cents per share, a year earlier. The results met Wall Street targets.
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