“General Electric Co. (GE) reported third- quarter revenue that trailed analysts’ estimates as the decelerating global economy eroded demand for equipment from medical scanners to jet engines.
Sales totaled $36.3 billion, the company said. While that represented 3 percent growth from a year earlier, it trailed the average analyst estimate of $36.9 billion. Infrastructure orders fell 5 percent as the upcoming expiration of a federal tax credit damped purchases of wind turbines.
GE is facing tougher markets as airlines put off non- essential engine repairs to save cash and European hospitals contend with government austerity programs enacted to blunt the region’s sovereign debt crisis. Chief Executive Officer Jeffrey Immelt is still squeezing higher earnings from industrial businesses, with profit margins in the quarter rising for the first time since 2010.”
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