General Electric has today posted higher-than-expected quarterly profit, as its businesses producing jet engines and power turbines offset declines in its oil and gas segment. 

The US conglomerate, which is pulling back from financial services, said its industrial revenue grew 4%, excluding the impact of foreign currency swings and acquisitions.

GE, which repeated its full-year profit outlook, said it expects to retire as much as 7% of its outstanding floated shares by mid-November, as it completes the spinoff of its former retail finance business, Synchrony Financial. 

The US Federal Reserve earlier this week said Synchrony could function as a standalone company. 

The conglomerate overall reported third-quarter net earnings of $2.51 billion, or 25 cents per share, compared with $3.54 billion, or 35 cents per share, a year ago. 

Excluding special items, earnings of 29 cents a share exceeded the average estimate of analysts by three cents, according to Thomson Reuters I/B/E/S. 

Revenue fell 1.3% to $31.68 billion, weighed by a 16% slump in its segment supplying equipment and services to oil and gas customers, which has been hurt by weak crude prices. 

Revenue in its aviation segment increased 5%, while revenue in its power and water division, its biggest segment, grew 1%.