GE Transportation notches solid 3Q gains

GE Transportation Friday reported $1.3 billion in third-quarter revenue, up 48% from the comparable quarter in 2010, and a profit of $196 million, up 94% compared to the year-ago quarter.

GE Transportation’s report was part of Fairfield, Conn.-based parent General Electric Co.’s third-quarter report; parent GE reported third-quarter earnings of $3.4 billion, up 11% from the comparable 2010 quarter and in line with Wall Street analyst consensus estimates.

GE Transportation received $1 billion of orders in the third quarter, down 28% due to nonrepeat multi-year orders last year. The division’s performance was driven by anincrease of orders for mining equipment, drill motors, parts and services.

“We have stayed the course of double-digit growth in the third quarter as a result of dynamic infrastructure developments around the world,” said Lorenzo Simonelli, president and CEO of GE Transportation. “We are making major investments to expand our manufacturing footprint and build capacity in the rail, mining and related industries. We continue to shape the future of the transportation industry in order to better serve our customers.”

Erie, Pa.-based GE Transportation earlier this week announced an investment of $231 million in its manufacturing facilities in Erie and in Fort Worth, Tex., to meet accelerating domestic and global demand. It also announced it would fill approximately 490 U.S. jobs by the end of 2011.