GE Reports 2Q Profit Jul 16, 2007

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General Electric reported second-quarter profits of US $5.4 billion. Profits for the quarter ending June 30 were up by more than 10% from $4.9 billion in the same quarter last year, led by its oil and gas, aviation, energy and commercial finance businesses. Earnings per share of $0.52 were in line with what analysts expected.

Jeff Immelt, chairman and chief executive, said worldwide demand for the company's products and services is "unprecedented with double-digit revenue and earnings growth."

Revenue for the quarter at GE was $42.3 billion, up from $37.7 billion from the second quarter of 2006. Immelt said that due to strong orders, GE is forecasting third-quarter earnings per share of between $0.54 and $0.56, which would be 15% to 19% greater than profits reported during the same period last year. (AP)

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