GE 1st-Quarter Profit Falls Nearly 9%

General Electric Co. said first-quarter profit fell nearly 9% as gas turbine sales dropped sharply and plastics earnings were more than halved.

GE said it expects second-quarter profit to decline as much as 15%. That means the conglomerate needs a big rebound in the second half of the year to meet 2003 profit goals.

The Fairfield, Conn., company reported first-quarter earnings of $3.2 billion, or 32 cents a share, before an accounting change, down from $3.5 billion, or 35 cents, a year earlier. First-quarter revenue fell 1% to $30.3 billion.

The results were in line with GE’s forecast and the analysts’ average estimate, according to Thomson First Call.

GE shares fell 2 cents to $27.36 on the NYSE.