Power, aviation boost GE

Strong results in power and aviation boosted General Electric’s secondquarter results, despite an economy characterized by volatility and slow growth, the company said Friday.

Net income was $2.7 billion, compared with a loss of $1.4 billion in the year-ago period. Revenues rose 14.6 percent to $33.5 billion. Performance among GE’s industrial divisions varied, with oil and gas experiencing big declines in revenues and operating profit due to the rout in oil prices.

Those declines were offset by gains in some other GE divisions, such as aviation and power. GE’s earnings are heavily dependent on the industrial economy after it divested some $180 billion in financial assets over the last year to shed a government classification as a “too big to fail” institution. (AFP)