GE Industrial Product Sales Up
GE Industrial Product Sales Up
Jason Sandefur
Lower gas turbine and aircraft engine sales weakened profit for General Electric Co. during the third quarter of 2003 as earnings dipped 11 percent to $3.65 billion. Q3 revenue rose 2% to $33.4 billion.
�We delivered broad-based performance and continued to develop the resources with which we will create growth in a slow growth world,� stated CEO Jeff Immelt.
GE said eight of its 13 businesses posted double-digit earnings growth, including its Industrial products segment, which owns fastener distributor GE Supply Logistics. Q3 revenue for industrial products gained 10% to $2.06 billion. Segment revenue increased 13% to $6.1 billion during the first nine months of 2003.
Overall, GE reported nine-month revenue improved 0.5% to $97.2 billion, while earnings for the period slipped 5.8% to $10.4 billion. Web: ge.com �2003 FastenerNews.com
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