U.S. Markets close in 4 hrs 16 mins

GE earnings rise in 1Q on NBC sale

The Associated Press

GE says net income rose 16 percent in the first quarter, helped by improved profit from selling aircraft engines and transportation equipment and a gain from its sale of NBC Universal.

General Electric Corp. reported net income of $3.5 billion, or 34 cents per share, on revenue of $35 billion. During last year's first quarter, GE earned $3 billion on $35.2 billion in revenue.

Adjusted to reflect earnings only from continuing operations, GE earned 35 cents per share, in line with what analysts had expected, according to FactSet.

Orders for oil and gas equipment rose 24 percent in the quarter. Orders for aviation equipment rose 47 percent.

But GE, based in Fairfield, Conn., said deteriorating economic conditions in Europe dragged down results, especially in sales of power and water equipment.