GE earnings dip 15% but industrial profits rise

General Electric Thursday reported lower earnings but higher industrial profits, thanks to gains in its two largest industrial segments. GE's net income dipped 15 percent from the year-ago level to $3.0 billion. Last year's results included a gain from the sale of a GE stake in NBCUniversal. But GE's industrial sales rose from last year and the company grew profits in its two largest segments, aviation (up 19.1 percent) and power and water (up 23.5 percent). Results in the other industrial segments were mixed. GE scored higher profits in oil and gas, but income fell in energy management, health care, transportation and appliances and lighting. Overall, industrial profits grew 11.7 percent to $3.3 billion. GE's results translated into operating earnings-per-share of 33 cents, a penny above analyst estimates. GE revenues fell 2.2 percent from a year ago to $34.18 billion, below the $34.36 billion expected by analysts. "We had strong results in the first quarter in most of our markets, including Power & Water, Oil & Gas and GE Capital," said chief executive Jeff Immelt. "We're off to a good start to the year, and our 2014 framework remains unchanged. The environment is consistent with our expectations, with a positive bias." GE shares were up 0.8 percent to $26.34 in pre-market trade.