P.M. BRIEFING : GE Reports 12% Profit Increase
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FAIRFIELD, Conn. — General Electric Co., buoyed by new orders in its aircraft engine and power systems divisions, today reported a 12% profit gain for the first quarter.
GE reported earnings of $950 million in the three months ended March 31, up from $849 million in the first quarter of 1989. Earnings per share were up 13%, to $1.06 from 94 cents. Revenue rose 6% to $12.6 billion in the first quarter of this year from $11.9 billion a year earlier.
“Very strong earnings improvements were reported by GE Capital, Power Systems and Aircraft Engines,” said GE Chairman John F. Welch Jr. Other divisions with higher earnings included lighting, medical systems, transportation systems, and electrical distribution and controls.
He said new orders for power generation were up 60% from the first quarter of 1989, while orders from the company’s medical systems division were 25% ahead of last year.
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