Friday, October 19, 2012

GE Transportation powers parent’s 3Q earnings

Written by 

Erie, Pa.-based GE Transportation notched revenue of $1.4 billion in the third quarter, up 9% from the same period a year ago, and a profit of $265 million, up 35% from $197 million in the third quarter of 2011.

The results, announced Thursday, helped power Fairfield, Conn.-based parent General Electric Co. to third-quarter earnings of $3.8 billion, or 36 cents per share, up 10% and 50%, respectively, from the same period one year ago. GE revenue totaled $36.3 billion for the quarter, up 3%.

"The overall environment remains challenging, but GE continues to execute on our growth strategy," said GE Chairman and CEO Jeff Immelt. "GE's Industrial segments delivered another quarter of strong organic revenue growth, and we ended the quarter with a robust backlog. As expected, our margins increased 70 basis points over the prior year period, with margin expansion in all five Industrial segments."

During the quarter, GE announced an order to supply 110 Evolution™ Series locomotive kits to Kazakhstan Temir Zholy (KTZ).

Added GE Transportation President and CEO Lorenzo Simonelli, "the third quarter continued our record of strong revenue growth and stratetic investments for the future." He noted "the introduction of the EU version of our PowerHaul locomotive, the most powerful, fuel-efficient, and low emission locomotiv available in Europe," as a contributing factor.