GE Profit Down 46 Percent
Friday, Jan 23, 2009 | Updated 9:00 AM EDT
AP
General Electric (GE) Chairman, Jeff Immelt
General Electric Co. says its fourth quarter earnings dropped 46 percent as it restructured its troubled lending arm. The come as investors worry the conglomerate may be in for more pain this year from the financial crisis.
Fairfield, Conn.-based GE, which makes everything from refrigerator to jet engines, said it earned $3.65 billion, or 35 cents per share, after paying preferred dividends in the quarter ended Dec. 31. That included $1.5 billion in restructuring charges.
The results were down from $6.7 billion, or 66 cents per share, a year ago.
It says revenue was down 5 percent to $46.2 billion.
GE's earnings from continuing operations before preferred dividends matched analysts' expectations for 37 cents a share.
GE is the parent company of NBC Universal and NBCNewYork.com.
