GE aviation segment profit rises 7 per cent to $3.75 bn in 2012
22 Jan 2013
The aviation segment of General Electric (GE) posted a $3.75 billion profit for full-year 2012, up 7 per cent in the previous year on a 6 per cent rise in revenues to $19.99 billion.
In the fourth quarter, the business segment posted a profit of $1.04 billion, a 22 per cent growth compared to the prior year's quarter while revenue rose 11 per cent to $5.47 billion.
GE chairman and CEO Jeff Immelt said, GE ended the year with a strong quarter despite the mixed global economic environment. He said the outlook for developed markets remained uncertain, but the company was seeing growth in China and the resource-rich countries.
With the company's largest backlog in history and a substantial amount of cash generated by its businesses in the fourth quarter, GE had great momentum going into 2013, he added.
During the year, GE announced it intended to purchase Italian aerospace company Avio for $4.3 billion.
''The acquisition of Avio's aviation business, which provides components for GE Aviation and other engine companies, would further GE's participation in jet propulsion, one of the most attractive sectors of the aviation industry,'' GE said in a statement.