General Electric Friday posted an 11-percent increase in fourth-quarter revenue, helped in part by a strong performance in its infrastructure business.
The conglomerate said it earned $6.7 billion in the quarter, up from the $3.2 billion in the year-ago period, which included a charge of $2.7 billion.
Revenue came in at $44.6 billion.
“With strong performances at infrastructure, healthcare and the financial services businesses, GE delivered double-digit growth in earnings and revenues for the quarter and the year,” GE Chairman and CEO Jeff Immelt said. “NBC Universal’s turnaround is advancing and industrial had a good year in spite of continued commodity inflation and competitive challenges at plastics.”
GE said the business environment appears favorable, as the company should be able to take advantage of some drivers of the global economy, including the demand for infrastructure around the world, growth in emerging markets, favorable demographics, environmentally favorable technology, and increasing use of digital connection.
GE also said it will restate financial results from 2001 through 2005, and the first three quarters if last year, to reflect accounting for interest rate swaps within its financial services business.
GE recently sold its plastics business and remains intent on focusing on higher-growth lines of businesses, including energy and rail engines. Earlier this week, the company said it was acquiring part of Abbott Labs’ diagnostics business for more than $8 billion, and also agreed to buy Smiths Group’s aerospace business for close to $5 billion.
