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GE posts record earnings
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October 8, 1998: 9:21 a.m. ET
Dow component's 3Q profit jumps 15%, meets Wall Street estimates
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NEW YORK (CNNfn) - General Electric Corp. posted a 15 percent jump in third-quarter earnings Thursday, in line with Wall Street estimates.
The Fairfield, Conn.-based Dow component reported record net income of $2.28 billion, or 69 cents a share, for the quarter ended Sept. 30. Last year, GE earned $2.01 billion, or 60 cents a share.
Revenues during the quarter rose 10 percent to $24.13 billion, up from $21.99 billion last year.
"This quarter's double-digit earnings increase represents a continuation of GE's strong results for the first three quarters of 1998, driven by a combination of global growth, expansion of our product services activities, rapid introduction of new products and our Six Sigma quality initiative," said GE Chairman John F. Welch.
For the first nine months of the year, GE earned $6.6 billion, or $1.99 per share, compared with year-ago earnings of $5.6 billion, or $1.75 per share.
Late last week, GE shares gave up some of their strength after the New York Times published an article suggesting GE soon might announce drastic changes at GE Capital, its financial services subsidiary. As part of the changes, according to the paper, GE Capital's long-serving chief executive Gary Wendt is "widely expected" to leave as part of a much broader reorganization.
Shares of GE closed up 1-1/4 Wednesday at 75 on the New York Stock Exchange. 
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General Electric
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