General Electric has reported an 18% annual drop in third-quarter profits to $1.98, as sales fell.
The US giant, whose products range from aircraft engines to home appliances, reported earnings per share of 29 cents. This topped most analysts' forecast of 27 cents a share for GE, considered an indicator of the health of the US economy.
Revenue in the three months ending September 30 dropped 5% from a year earlier to $35.9 billion. Net profits from continuing businesses, however, rose to $3.2 billion. The company reported a loss of $1.1 billion from discontinued businesses.
'For the first time in eight quarters, we saw growth in both equipment and service orders,' said GE chairman and chief executive Jeff Immelt, noting that orders for 60 aircraft engines by Emirates airline among others.
The company said it expected fourth-quarter industrial revenue to grow from the third quarter and be about flat with the year-ago period.
