GE 2nd-quarter net up 21%, revenue off 3.5%

NEW YORK (MarketWatch)
General Electric Co., the Fairfield, Conn., industrial and financial-services firm, reported second-quarter net income rose 21% on 3.5% lower revenue
Earnings reached $3.77 billion, or 35 cents a share, from $3.11 billion, or 28 cents, in the year-earlier period.
Operating earnings were 34 cents versus 29 cents.
Earnings from continuing operations were 33 cents versus 29 cents.
Revenue fell to $35.63 billion from $36.93 billion.
A survey of analysts by FactSet Research produced a consensus estimate of 32 cents a share of profit on $34.72 billion of revenue.
GE Capital performed strongly in the quarter; its "portfolio transformation is ahead of schedule," Chairman and Chief Executive Jeff Immelt said in a Friday statement.
The group backlog sits at a record $189 billion, GE said.