NEW YORK: US industrial giant General Electric yesterday bested quarterly earnings from a year ago, as it reported higher profits in all of its major operating segments. The US conglomerate said net income came in at $4.0 billion, up 7.5 percent from the year-ago levels. That equated to 38 cents per share. Analysts had projected earnings of 43 cents per share. General Electric, which builds power generation equipment, wind turbines and other industrial products, said its earnings from continuing operations were 41 cents per share. Continuing earnings adjusted for non-operating pension costs were 44 cents per share. All of the sub-units of its industrial division showed year-on-year gains, with double-digit percentage increases in oil and gas, energy management, aviation and transportation.
Shale slowdown hits Schlumberger gains
PARIS: The oil services group Schlumberger reported a 10-percent rise in net profit last year, saying yesterday that performance was driven by activities outside North America but that fourth-quarter performance slowed owing to slowing North American gas activities. The French-US group reported a net profit of $5.49 billion for 2012 on a 14-percent rise of sales to $42.15 billion. In the fourth quarter, net profit fell to $1.36bn and profit growth was weaker than sales growth of 8.5 percent. Net earnings per share were $1.02 in the last quarter and $4.10 for the year.
Agencies
