EARNINGS : GE Revenue Rises on Air Engines

L.A. Times Archives

Oct. 16, 1990 12 AM PT

From Times Wire Services

FAIRFIELD, Conn. —

General Electric Co. said today that sales of aircraft engines and power generation equipment, and a strong performance by its financial services business, gave the company a 9% boost in third-quarter earnings.

For the quarter, after-tax profit totaled $1.02 billion, or $1.16 a share, compared with earnings of $945 million, or $1.04 per share, a year ago.

Revenue for the quarter rose 9.2% to $14.2 billion from $13 billion in the same period a year ago.

For the first nine months of 1990, earnings rose 10.5% to $3.06 billion, or $3.44 a share, from $2.77 billion, or $3.06 a share, in 1989. Nine-month revenue rose 7%.

“GE had a good quarter despite the weakening economy and the current situation in the Middle East,” said John F. Welch Jr., chairman of GE.