BACK TO ITS ROOTS: General Electric Co. has tried to focus more on energy and manufacturing since the recession. It has pumped billions of dollars into new energy-related businesses during the past few years while selling its stake in NBC, commercial real estate and other businesses.
2Q PAYOFF: Profit at GE’s energy infrastructure business increased 13 percent to $1.76 billion in the second quarter. GE said it shipped 726 wind turbines in the quarter, more than double what it shipped in the same quarter a year earlier. New orders for wind turbines have dropped off since then, however, reducing GE’s infrastructure order backlog by 1 percent.
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BOTTOM LINE: GE’s net income fell 16 percent, mainly due to lingering charges from financing companies that were sold four years ago. The industrial and financial giant posted net income of $3.11 billion, or 29 cents per share, in the April-June period, down from $3.69 billion, or 35 cents per share, a year earlier.
