General Electric Profits Drop 1/2 Billion in Quarter
General Electric Co. says its third-quarter income fell 18 percent because of lower equipment sales and a loss from a Japanese division that it's selling. The industrial and financial giant, which makes everything from refrigerators to power plant equipment, on Friday reported net income of $2.06 billion, or 18 cents per share for the quarter ended Sept. 30. That compares with earnings of $2.49 billion, or 23 cents per share, a year ago. Revenue slipped 5 percent to $35.9 billion.Excluding the loss from its Japan consumer finance business, GE earned 29 cents per share, 2 cents above Wall Street estimates. Revenue fell short, however, of the estimate of $37.6 billion.GE expects revenues in its industrial division to be flat in the final three months of the year.