GE Reports Lower Profits, May Bid on Westinghouse

General Electric Co. reported today that its fourth-quarter profit fell 46% as the company took a $3 billion charge for losses related to the selling of its insurance business last year. The Fairfield, CT-based conglomerate said its net income was $3.06 billion for the three months ended Dec. 31, compared with $5.6 billion one year ago. Total revenue climbed 3% to $40.7 billion for the period, up from $39.7 billion a year ago.
In other company news, The Wall Street Journal reported today that sources within GE said the company is teaming with Hitachi, Ltd., in a bid for Westinghouse Electric Co., a supplier of nuclear-plant technologies. The paper could not confirm the companies' interest in Westinghouse, but added that Mitsubishi Heavy Industries, Ltd., and Toshiba Corp. are also known to be bidding for the company. The eventual sale price for Westinghouse, based in Pittsburgh, PA, is expected to top $3.5 billion. Westinghouse is part of the Nuclear Utilities Business Group of British Nuclear Fuels.