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General Electric reports stronger profits though sales miss forecasts

Added 10-26-21 10:04:03am EST - “General Electric? Co.? GE? 1.20%? reported stronger profits as cost cutting offset lower-than-expected sales of its industrial equipment in the September quarter.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “General Electric reports stronger profits though sales miss forecasts”. Below is an excerpt from the article.

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General Electric Co. GE 1.20% reported stronger profits as cost cutting offset lower-than-expected sales of its industrial equipment in the September quarter. 

Revenue increased in the company’s jet engine business as travel rebounded from the start of the pandemic, but sales declined in its healthcare business from supply-chain shortages. The renewables division also booked a sales drop while the power business was flat. 

Overall revenue fell 1% from a year ago to $18.43 billion, while GE’s expenses declined 7%. Wall Street analysts were expecting revenue to increase 4% to $19.3 billion, according to FactSet. 

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