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GE 4th-quarter profit falls, sales decline and miss Wall Street estimates
NEW YORK (AP) ' General Electric says its fourth-quarter earnings fell 18 percent as sales fell after the sale of its stake in the NBC network.
The U.S.-based industrial conglomerate said Friday it earned $3.73 billion, or 35 cents per share, compared with $4.54 billion, or 36 cents per share, a year earlier.
Revenue fell 8 percent to $37.97 billion. Last year, GE sold a majority stake in NBC Universal to Comcast. The company also saw slower growth in Europe.
Excluding discontinued businesses and certain pension costs, earnings were 39 cents a share. Analysts had forecast 38 cents. Revenue fell below Wall Street's $40.05 billion estimate, and shares fell 3 percent in premarket trading.
General Electric Co. says infrastructure orders rose 15 percent in the quarter, leaving it with its biggest-ever order backlog.