GE profit declines 22 per cent to $3 billion in Q4
23 Jan 2010
Diversified US conglomerate General Electric Co. (GE) yesterday said it has registered fourth-quarter earnings of $3 billion, down 22 per cent from $3.9 billion in the fourth quarter of 2008.
Fourth-quarter revenues fell 10 per cent to $41.4 billion. GE Capital Services (GECS) revenues fell 14 per cent versus last year to $13.5 billion. Industrial sales were $28.3 billion, down 9 per cent from 2008. Cash generated from GE Industrial operating activities in 2009 totaled $16.6 billion, down 1 per cent from $16.7 billion last year.
For the full year, the company registered earnings of $11.2 billion, down 38 per cent from $18.1 billion in 2008. Full-year revenues decreased 14 per cent to $156.8 billion. GECS revenues fell 24 per cent compared with last year to $54.2 billion. Industrial sales were $103.5 billion, down 8 per cent from 2008.
Though overall revenue and earnings fell year-over-year, sales and profit rose in every segment compared to the prior quarter, except for GE's struggling NBC Universal unit.
It expects NBC to suffer $250 million in losses from its coverage of the Winter Olympics in February. NBC accounts for about 10 per cent of GE's overall revenue.
''GE's environment has improved and we saw some encouraging signs at year-end,'' GE chairman and CEO Jeff Immelt said.
