GE earnings beat Wall Street forecasts

[April 17, 2009]  WASHINGTON (AP) -- General Electric Co. says its first-quarter earnings fell 36 percent on sharply lower profits at its troubled finance arm, but the results beat Wall Street forecasts in a glimmer of good news for the struggling company.

GE, which has a stake in almost every large sector of the economy, from light bulbs to locomotives, had earnings from continuing operations of $2.9 billion or 26 cents per share. That surpassed the 21 cents per share forecast by analysts.

GE had net income of $2.7 billion, down from $4.3 billion, or 43 cents per share, a year earlier.

Revenue fell 9 percent, with sales down or flat in every division except GE's energy business. GE Capital profits dropped 58 percent.

[Associated Press]

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