In the second quarter, General Electric Co. increased profits 16 percent from a year ago despite a 4 percent drop in overall revenue.
Fairfield-based GE is among the largest employers in Fairfield County and has multiple units based here, including GE Capital in Norwalk.
“GE is well positioned across the portfolio, both financially and competitively,” said Jeff Immelt, CEO of GE, in a prepared statement. “The company continues to generate strong cash flow, which we will invest strategically to create shareholder value, while keeping the company safe. We expect to grow earnings and dividends in 2011 and beyond.”
GE earned $3.1 billion on $37.4 billion in revenue, which it said dropped in part due to lower levels of assets at GE Capital. This week, GE announced the $1.9 billion sale of its BAC Credomatic bank in Central America to Colombia-based Grupo Aval.
GE Capital nearly doubled its operating profits in the second quarter to $830 million, with GE Energy Financial Services leading the way. On the flip side, GE Real Estate more than doubled its quarterly loss to $524 million.
Of GE”™s major divisions, NBC Universal posted the biggest revenue gain at 5 percent. GE is in the process of transferring a controlling stake in NBC Universal to Comcast Corp.
