GE net income rises 77 percent in 1Q

[April 21, 2011]  NEW YORK (AP) -- GE says earnings jumped 77 percent in the first quarter, led by strong results in its financial services business.

General Electric on Thursday reported net income of $3.43 billion, or 31 cents per share, for the three months ended March 31. That compares with $1.95 billion, or 17 cents per share, in the same period last year.

Revenue increased 6 percent to $38.45 billion.

Analysts expected earnings of 28 cents per share on revenue of $34.8 billion, according to FactSet.

GE capital, the company's lending business, continued to recover from the financial crisis, with profits more than tripling profits to $1.8 billion in the quarter. GE's transportation, health care, aviation, and home and business solutions businesses also posted increased earnings.

[Associated Press; By CHRIS KAHN]

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