General Electric moves to profit in 2nd quarter

FAIRFIELD, Conn. - General Electric (GE) moved to a profit in its second quarter, bolstered by strong performances from its power, aviation and health care segments.

The industrial conglomerate's Chairman and CEO Jeff Immelt said in a written statement that the results from those units were able to offset challenges faced by its oil and gas and transportation divisions.

For the three months ended June 30, net income attributable to the Fairfield, Connecticut-based company was $2.89 billion, or 30 cents per share. A year ago it lost $1.36 billion, or 13 cents per share.

Earnings, adjusted for one-time costs and to account for discontinued operations, were 51 cents per share. That topped the 46 cents per share that analysts surveyed by Zacks Investment Research expected.

General Electric Co. has been shedding its financial and capital units over the last few years in an effort to slim down and refocus on its core businesses.

Revenue climbed to $33.49 billion from $29.23 billion, beating the $30.84 billion that Wall Street forecast.

Orders dipped 2 percent, while backlog increased 17 percent.

Shares declined slightly before the market open on Friday.