GE Posts Lower 1Q Profit, Cuts Outlook

General Electric Co. reported a lower-than-expected first-quarter profit on Friday and lowered its outlook for the full year, the Associated Press reported.

Net income fell 6%, to $4.3 billion, or 43 cents per share, from $4.57 billion, or 44 cents per share, a year ago, AP said.

Earnings from continuing operations were $4.4 billion, or 44 cents per share, down 8% from last year. Revenue rose 8% to $42.24 billion from $39.2 billion, with global revenue up 22%.

GE makes jet engines, railroad locomotives, water treatment plants and has a large financial services business. It also makes VeriWise trailer-tracking technology for the trucking, rail and intermodal sectors.

GE lowered its full-year outlook for earnings from continuing operations to between $2.20 and $2.30 per share, down from a previous $2.42 per share, AP reported.

That was to account for an expected 5% to 10% decline in financial services profit, the company said.