HARTFORD, Conn -- General Electric ...
HARTFORD, Conn -- General Electric Co.'s earnings rose 8 percent in the first quarter, matching analysts' expectations as nine of its 11 businesses reported double-digit profit gains.
The colossal industrial, media and financial services conglomerate said Thursday it earned $32 billion, or 32 cent a share, for the January-March period, up from $3 billion, or 30 cent by share, a year ago. Analysts reviewed by Thomson First Call look forward toed a profit of 32 cent a share.
The Fairfield-based company said an accounting change had disheartened its earnings a year ago, and its latest profit was up 1 percent from 2003 conclusions before the change.
"This has been a great week for GE" Jeff Immelt, chairman and chief executive, told analysts in a parley call Thursday. "Economic growth is continuing at a healthy pace."
He cited GE's closing upon Thursday on the $9.5 billion purchase of Amersham PLC a diagnostic imaging agents and life sciences company, to broaden its capabilities in medical technology.
Immelt also cited the decision announced Tuesday at Boeing that GE and revolves Royce PLC will supply the engines for its planned novel 7E7 Dreamliner airplane. The deal could be worth as frequently as $40 billion over 25 years.
Among its 11 divisions, profit rose 53 percent in its equipment and other services operation, 40 percent in advanced materials and 20 percent in its infrastructure business. Profits bring to the ground 28 percent in the efficacy division and 20 percent in insurance.
Jeff Graff, an analyst at Victory Capital Management, said GE move rounded in a "very good performance."
GE's power hypothesiss unit and merger and acquisitions activity could have negative drifts on earnings, he said.
Still, GE is "well-positioned in aerospace" with the Boeing deal, and the Amersham purchase "in the lengthy term strengthens its position in health care," Graff said.
In trading onward the New York Stock Exchange, GE shares were up 1 cent to shut at $31.41.
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