GE reports record-breaking second quarter
July 24, 2007
Filed under Features
Both GE Money and Commercial Finance registered sales and profit increases in the company’s second quarter, according to the company’s financial report.
As a whole, GE reported a record-breaking second quarter, reporting $5.4 billion in earnings, up 12 percent from a year ago. The company said the second quarter marked the 10th straight quarter of organic revenue growth.
GE Money boosted its second-quarter revenue by 17 percent to $6.1 billion and through the first half of its fiscal year is 15 percent ahead of its 2006 earnings.
“For the quarter, GE Money had strong global growth in revenues and assets, and increased segment profit 8 percent despite a loss at its U.S. mortgage business,” GE Chairman and CEO Jeff Immelt said in a press release.
GE’s Commercial Finance had an 18 percent increase in its profit in the second quarter and his 20 percent ahead of last year.
Immelt said GE is forecasting third-quarter earnings to top last year’s numbers by 15-19 percent.