GE industry segments report increased revenue, profit
January 18, 2008
Filed under Features
GE Money and GE Commercial Finance, two of the company’s segments in the powersports industry, improved revenue and profit in 2007 compared to the previous year, according to the company’s year-end report.
GE Money, which provides lending and financial services in more than 20 industries, increased its year-end revenue to $25 billion, a 26 percent jump over the previous year. Its profit of $4.2 billion represented a 31 percent increase over 2006.
“Our financial services businesses performed well in an extremely violatile market,” GE CEO Jeff Immelt said in a press release. “GE Money had 7 percent earnings growth with excellent global performance offsetting challenges in the U.S. market.”
GE Commercial Finance, which includes Franchise Finance that has been a player in a number of dealership acquisitions, also saw year-over-year increases. Its revenue rose 11 percent over last year and its net profit increased 14 percent to more than $6 billion.
Overall, GE reported full-year revenue of $173 billion, up 14 percent over a year ago.