GE profit rises on oil, aviation strength

General Electric Co. posted strong third-quarter results, issued an upbeat forecast for the fourth quarter and said U.S. industrial activity is at its highest level since the financial crisis.

Chief Executive Jeff Immelt said that there is uncertainty in the global economy but that nations around the world are still going ahead with large infrastructure projects and companies are buying equipment.

“It’s a slow-growth pattern with volatility, but not a lot different than what we’ve seen in the past,” he said in a conference call with investors. He pointed to pockets of high activity in the developing world, slow growth in Europe and Japan, and strength in the U.S.

“The U.S. is probably the best we’ve seen it since the financial crisis,” he said.

GE reported an 11% jump in third-quarter profit Friday because of cost reductions and strong performance from its aviation and oil and gas divisions.

The company reported net income of $3.54 billion for the quarter on sales of $36.17 billion. Last year during the same period the company earned $3.19 billion on revenue of $35.66 billion.

GE, based in Fairfield, Conn., said it earned 35 cents per share for the quarter. GE’s operating earnings, a measure closely watched by investors, rose 6% to 38 cents a share.

That was a penny better than analysts surveyed by Zacks Investment Research expected, on average, though the company’s revenue fell slightly short of analyst expectations.

The company told investors to expect a strong fourth quarter thanks to shipments of equipment and better profit margins for its industrial divisions.

GE shares rose 57 cents, or 2.4%, to $24.82