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The
industrial giant's adjusted profit jumped 10 percent to 32 cents
a share, beating the 30 cents that analysts had estimated on
average, according to Thomson Reuters I/B/E/S.
But slow economic growth, particularly in the oil and gas
business, weighed on revenue. Organic revenue, which excludes
growth from acquisitions, grew 1 percent in the quarter.
Analysts had been looking for GE to report stronger revenue
growth after a weak first half, but that was stymied by a
25-percent slump in oil and gas revenue in the quarter.
GE trimmed its full-year revenue forecast to flat to 2 percent
growth, down from 2 percent to 4 percent growth.
It also narrowed its adjusted profit forecast to between $1.48
and $1.52 a share, compared with the $1.45 to $1.55 a share
forecast at the end of the second quarter.
The company's shares fell 1 percent to $28.77 in premarket
trading.
Analysts had been targeting second-half growth of about 15
percent in GE's power business, GE's largest division. In the
third quarter, power revenue grew only about 7 percent.
Net income from continuing operations rose to $2.10 billion in
the third quarter ended Sept. 30 from $1.97 billion a year
earlier. Earnings per share from continuing operations rose to
23 cents from 19 cents.
Total revenue rose 4.4 percent to $29.27 billion.
(Additional reporting by Rachit Vats in Bengaluru; Editing by
Sriraj Kalluvila and Bernadette Baum)
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