US industrial giant General Electric trimmed costs and grew sales despite a slowing global economy to push up earnings 8.3 percent in the third quarter, the company announced Friday.
The builder of aircraft engines, locomotives, wind turbines and a broad range of other heavy industrial products earned $3.49 billion in the quarter, compared to $3.22 billion a year earlier.
Sales were up 6.1 percent, to $24.5 billion, while costs grew just 2.2 percent.
Income growth was spread evenly between the company’s manufacturing operations and its financial services division GE Capital, where net earnings rose 7.8 percent to $1.6 billion.
GE said all of its industrial divisions had positive earnings growth for the first time in seven years.
Its order book was mixed: infrastructure orders were five percent lower, due mainly to a fall in wind turbine demand; but other infrastructure segments remained strong.
The company said that despite a challenging global environment, it is “on track to deliver double-digit earnings growth in 2012″ in both its industrial and GE Capital groups.
“The global economy is uncertain, and we are prepared for a variety of economic outcomes,” said chief executive Jeffrey Immelt.
“We will continue to invest to win in our markets, while aggressively managing our overall cost structure.”
GE earnings steadily rise despite slow economy
