GE Transportation aids parent company earnings
Written by William C. Vantuono, Editor-in-ChiefFairfield, Conn.-based General Electric Co. Friday reported second-quarter earnings of $3.7 billion, or 34 cents a share per share, up 17%, from the second quarter of 2010, despite a revenue decline of $35.6 billion or 4% “driven by the absence of NBCU revenues after the sale of GE’s majority position to Comcast.”
The company’s performance was aided by a strong showing from Erie, Pa.-based subsidiary GE Transportation, which reported $1.2 billion in revenue for the quarter, up 74% from the comparable 2010 period. Segment profit of $178 million was “nearly seven times higher than second-quarter profits in 2010,” the parent company said.
GE Transportation received $1.4 billion of orders in the second quarter, up 19% compared to last year. GE Transportation’s performance was attributed to orders for locomotives, mining equipment, parts, and services.
“We continue on our path of double-digit growth in the second quarter,” said Lorenzo Simonelli, president and CEO of GE Transportation. “GE remains an integral part of infrastructure growth around the globe. We are making big investments in leading technologies, product innovation and the expansion of our manufacturing footprint to serve our customers worldwide. 2011 is our year of renewal.”
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