General Electric Co., the world’s largest company by market value, said
first-quarter net income rose 20 percent, led by higher profits at
its jet-engine and financing businesses.
Net income increased to $2.9 billion, or 30 cents a share,
from $2.5 billion, or 25 cents, in a year-earlier period that
included a $1-billion writedown of acquisitions. Sales last
quarter fell about 1 percent, the company said in a statement.
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General Electric is still anticipating slow economic growth
and product price deflation, and will rely more on its finance
businesses, which lend money to companies that need to buy items
such as airplanes and extends credit to consumers. Chief Executive
Jeff Immelt said 48 percent of profit this year will come from the
finance businesses, which contributed about 38 percent a year ago.
Bloomberg News
