GE earnings and 3Q profits posted a third quarter hit due to performance of its Capital arm. Overall sales were down 20% company-wide, worse than estimated, although profits exceeded estimates.

However there were signs of hope in the industrial units including health care. Health care revenues rose 9% over the second quarter and 10% since 3Q 2008. Health care profits posted a 20% rise since 2Q and a 21% rise year over year.

Overall, industrial segments profits grew 4% in the quarter compared to the year-ago period. Cash generated from GE Industrial operating activities totaled $4.4 billion in the quarter and $11.5 billion year to date, up 1%. Total company backlog of equipment and services grew 2% to $174 billion over the prior quarter.
"In a global economic environment that is beginning to slowly recover, GE delivered solid third-quarter business results," GE Chairman and CEO Jeff Immelt said. "We continue to execute on our plan at Capital Finance, perform well in a slow-growth industrial environment and strengthen the balance sheet with strong cash generation. We are aggressively controlling costs, increasing our industrial backlog while expanding margins, and capitalizing on strong services performance."

Read the details:
http://www.ge.com/pdf/investors/events/10162009/ge_webcast_pressrelease_10162009.pdf

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