State and Nation Business

General Electric 1Q earnings rise on NBC sale

NEW YORK – General Electric’s earnings rose in the first quarter, helped by the sale of NBC Universal and increased profit from selling aircraft engines and transportation equipment.

GE reported net income of $3.5 billion, or 34 cents per share, on revenue of $35 billion. During last year’s first quarter, GE earned $3 billion, or 29 cents per share, on $35.2 billion in revenue.

Adjusted to reflect earnings only from continuing operations, GE earned 35 cents per share. That matches what analysts surveyed by FactSet expected. The analysts expected slightly lower revenue of $34.5 billion.

But sales from the company’s core industrial equipment and services divisions – the divisions GE are counting on to deliver growth – fell 6 percent, and profit fell 11 percent.

The company’s sale of NBC added earnings of 8 cents per share, while profit rose 9 percent at GE Capital, the company’s finance arm.

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