Saturday, April 14, 2007

Aviation sector growth helps push GE profits.

Place: Fairfield, USA
General Electric Co boosted its first-quarter earnings by 8 per cent over last year, mainly through a double-digit growth in its infrastructure segment, including GE Aviation.
The Fairfield, Connecticut-based company posted first-quarter earnings of $4.5 billion, or 44 cents per share, matching analysts' expectations. In first-quarter 2006, GE had earnings of $4.4 billion, or 42 cents per share. Also, revenues of $40.2 billion beat first-quarter 2006 revenues of $38 billion by 6 per cent, and topped analysts' estimates of $39.8 billion. "Demand for global infrastructure in our energy, aviation and oil and gas businesses helped infrastructure deliver 28 per cent segment growth," chairman and CEO, Jeff Immelt, said in a news release.

GE Aviation showed profits of $755 million, up 17 per cent from $645 million in the year-ago quarter. GE Aviation, based in Evendale, develops and manufactures jet engines for commercial and military aircraft.

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