|Page (1) of 1 - 07/22/11||email article||print page|
GE boosts earnings 21 percent in 2Q, led by recovery in lending business
NEW YORK (AP) ' General Electric Co. says earnings grew 21 percent in the second quarter as its lending arm continued to recover from the recession.
The industrial and financial giant reported income of $3.76 billion, or 35 cents per share, for the three months ended June 30. That compares with $3.11 billion, or 28 cents per share, for the same part of last year. Revenue fell 4 percent $35.6 billion.
The results beat Wall Street estimates for 32 cents per share on revenue of $34.7 billion, according to FactSet.
GE more than doubled its profit at its lending arm, GE Capital, to $1.66 billion during the quarter. GE Capital is recovering from billions of dollars in losses and impairments during the recession.
Shares rose 39 cents to $19.55 in premarket trading.