GE posts record quarterly profit
NBC jumps 31% to $265 million
|
More Articles:
Most Viewed:
Taylor Lautner to star in 'Max Steel'(3434 views)Jack Black animates film pitch(3225 views)'Blind Side' tackles box office competition(2703 views)Nine(1518 views)Bennett Miller to direct 'Moneyball'(1397 views)Overture nabs rights to 'Stone'(1041 views) |
For the period ended Sept. 30, GE reported gains in nearly all of its segments, including the network, financing arm GE Capital and its jet-building wing.
Profits at its NBC division, which includes cablers CNBC and MSNBC, rose 31% to $265 million, signaling strong ad revenues for the new fall season.
GE Capital's earnings were up 17% to $1.26 billion, representing GE's biggest operating segment.
On Wednesday, GE Capital said it will manage the credit card for Wal-Mart Stores Inc.
Overall, Fairfield, Conn.-based GE said profits rose 16% to $2.7 billion, beating analyst expectations and setting the company up to post record results in 1999. Revenues rose 13% to $27 billion.
GE also said its third-quarter operating margin of 16.7% of sales, up from last year's 15.5%, was a record for the quarter.
The company said profits fell only at its appliances and plastics divisions, which each represent nearly 6% of its annual revenues.
GE's stock didn't reflect the news but rode Wall Street's 51-point drop, with GE shares down $1.81 to $121.88, a loss of 1%. The stock closed at an all-time high of $123.69 on Wednesday.
"The record third-quarter results, driven by a combination of global growth, expansion of our product services (and) rapid introduction of new products, position GE to deliver another year of record performance in 1999," GE topper John Welch said in a statement.
